I certainly thought, in any case, that it was a question to which I had better have an answer (because getting a Ph.D.--especially in a technical subject--is not something to try if you lack motivation). So I gave it some thought, and came forth with a number of answers.
One reason why I'm writing this is for Bill, of course, but the reasons why I'm putting it up on my web page are that (a) this web page explores various other aspects of my psyche, so why not this one?; and (b) perhaps it will give those that might be considering a career as an academia nut some useful things to think about.
On a related note, I feel a need to improve my academic self-discipline, and "if I can make it here, I can make it anywhere" (so to speak).
In some ways, I'd be happy having the status of a non-degree-seeking graduate student. One of the things that I don't like about graduate school is that one is discouraged from taking the attitude of "I'd like to take classes in a great many interesting and different things, which may or may not lead to a specific research project". I like learning things for their own sake, and I feel my education to be sadly neglected in a number of different areas. It would be nice to be able to branch out more, and not feel pressured to restrict my attentions.
I suppose that if I had enough money to be able to live comfortably and pay my own tuition, I might be able to ignore such pressures (although you'd think that the university would want me to be a graduate student as long as possible, considering that it's paying me a pittance--about $12 an hour after taxes-- to teach or be a teaching assistant). Apparently if I'd wanted to be able to do that, I should have spent a lot more time designing galaxies before showing up to start my Ph.D.
In any case, I have a bachelor's degree, I have a Master's degree, and as far as I know, if I want to continue to be a graduate student, I'm going to have to show progress towards a doctorate.