TPG, I agree with your 3 points of experience, knowledge and need.
However, I also believe if that we want to have an open and honest discussion, we need to be realistic about those 3 points.
Experience as an Intel officer at Mt Home AFB or Cherry Point NAS as a young officer(5 and dive) with no Masters will make you less likely to get the job if you are going up against the young officer who spent a yr at Bagram and has a Masters. The hs graduate who was born and raised in Afghanistan, can speak, read, write and knows the culture maybe more desirable to the CIA than either of the first two candidates.
My position has been, and will be, don't enter the military thinking that it is your hook regarding the CIA. As you stated it is a big picture issue and if you only have 1 piece to picture it is not going to get you in.
IMHO, it is important than any cadet who wishes to make the CIA their career goal utilizes their time in the military to fill the squares so they are the most competitive candidate that the CIA has to select from. Being an intel officer who can speak German probably should have spent the same time learning how to speak Mandarin Chinese to make them standout more for recruiting purposes.
We can all say it can happen without the degrees, but it is more important to me that we acknowledge that like any other employer what you bring to the table gives you a higher chance of obtaining the dream.
I find it interesting that people are pushing back about the Masters issue. I got my MBOM, with a dual HR Masters when I was a military wife, with a DH deployed and 3 children under the age of 6. If you really want it you can do it. Additionally the beauty of the military compared to me was two fold. 1. They allowed on line courses. 2. They pay 75% of the cost. I had neither, and on top of that since Bullet was deployed I had to pay babysitters!
I am referred to as Janie Raincloud here, but I take that as a compliment. I am Janie, because I believe if we throw out the negatives as realism, then those who truly want to go that route will continue to follow the route, those who don't will fold their hand and walk away. If you walk away then you never wanted it as bad as you thought you did. If you stay, then you are more enlighted from anecdotal experiences and that will help you obtain your goal.
I have never claimed to be the HR person at the CIA. I only have anecdotal advice. TPG also has great anecdotal experience/advice. It is up to you to decide how to decipher the differing anecdotes. Neither are right, neither are wrong.