Ahh. The good old days.
Graduate school is not about learning. If you learn things, it’s only because you’ve already internalized the habit of learning, only because you make the effort on your own and in concert with fellow graduate students. You learn because that’s what you do now, that’s your life. ... Graduate school is not education. It is socialization. It is about learning to behave, about mastering a rhetorical and discursive etiquette as mind-blowingly arcane as table manners at a state dinner in 19th Century Western Europe.
Graduate school is cotillion for eggheads.
More wisdom available on the question "Should I go to graduate school" available here from Easily Distracted. Something to hand out to those eager young things who enquire about having an 'academic career'.