Philosophy is the tree from which all other sciences have branched. It was the basis and origination of ordered thought, and thus the root of such systems as science, mathematics, history, etc. When you look at many of the seminal figures of thought in history, the vast majority of them were considered philosophers as well as scientists, mathematicians, etc. To this this day, the highest normal degree one can obtain is a Ph.D., or Doctor of Philosophy, in a given field.
These days, philosophy is more self-contained. Given the specialization of fields that exists in modern education and thought, scientists handle science, mathematicians, handle math, and philosophers handle... philosophy. It has become somewhat esoteric, to be honest. Yes, there are practical applications. I have a degree in philosophy, and haven't lost an argument with a rational person in a very long time. I also tend to make very well reasoned decisions regarding my life. As such, it is fairly common for my peers to ask me for my thoughts when they are faced with difficult decisions. Simpel application of the Socratic method is generally sufficient to help someone work through many tough quandaries.
For the serious, high-level applications, philosophers tackle the more subtle concepts. There's are fields of study devoted to defining what art is, how we think about the universe, how pervasive symbology is, etc. Much of the philosphy being produced today is impossible for me to explain, especially as I've given up on trying to keep up with it. Not going on to Grad School, I see no reason to. Suffice to say that ethics is a hot field.
In my case, I realized that any non-specialized degree (ie engineering, etc that leads into a particular field and has no real application outside of field) is equal to any other non-specialized degree (ie my philosophy degree holds the same weight as an English degree or a degree in art appreciation). So I decided to take a degree that most interested me. Philosophy was it. The great thing about the degree is that it allows for great flexibility in course selection. I was able to build a very broad range of topics into my education, and can thus claim to be classically educated. That is a worthwhile goal in itself to me.
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