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2. For those who have multiple master's degrees: a) why do you and b) what are the benefits, if any?
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I have multiple Master's degrees because my Aerospace degree was mostly pointed at fluid dynamics and controls of dynamic systems. I wanted more out of my education so I also went mechanical to get more mechanism design and thermodynamics (aero had some in my track, but not all that I wanted). When it was all said and done I had enough graduate credits to attain both degrees.
The benefits to me are priceless. I work on industrial robots, specifically automotive paint robots. Many mechanisms, lots of closed loop control and the paint delivery stuff has electrostatics, fliud dynamics and thermodynamics (run solventborne paint over hot surfaces .. lots o' fun). I feel that anyone desiring to be a mechanical engineer at a robotics company would benefit greatly from controls engineering (closed loop systems, non-linear control, etc.).
-Paul
P.S. - Chris H., I respectfully disagree with your assesment of the PE and its relation to calling a person an engineer.