I would tend to agree with the idea that candidates with advanced degrees get better positions, but at the end of the day it still has to be an entry level position.
The things you learn as an entry level engineer don't get taught in any level of engineering education - How to compile/organize drawings, how to draw and engineer details, writing general notes, smoothing beam sizes from a plan output from a program that optimizes every beam, etc.. (I could probably make a list half a mile long).
There is no doubt that an advanced degree gives you more technical knowledge (an extra year of school), but I am not sure that extra year of school correlates a bachelor's plus 1-2 years of experience, I think it correlates more to an extra year of school.
Additionally, (and this is just my opinion) getting your feet wet with real engineering before getting a graduate degree is the way to go. It gives you a context in which you can correlate what you learn to real world problems (on a current project or see how it could have been useful on a past project) and this ability to see the true value in something is when it really sinks in.
The kid who gets a grad degree right after the bachelor's comes into the firm and spends his/her time learning the ropes of the firm (see the laundry list above) while those advanced topics creep farther to the back of his/her mind.