On the snobbery value, I wrong footed a pompous snooty deputy head teacher that I had the great misfortune of having to tolerate for six or seven years. He was an Oxford graduate and rejected the buying of the MA as was his right and pompously dismissed it as a frippery and bauble that no self respecting socialist should boast of having. I was doing a part time PhD at the time and he approached me:
Snooty deputy: "Vernon, when you get your PhD, will you be known as Mr. Vernon Levy, PhD or Dr. Vernon Levy?
Me: "Nether of those"
Snooty deputy: "What do you mean neither of those?"
Me: "I'm going to use the doctor title but I'm going to change my name too"
Snooty deputy: "Change your name? What to?"
Me: "Zhivago"
Snooty deputy: Exits coughing and spluttering
Sadly I never went on to complete the PhD - I was too dedicated to mischief and philandering and too unwilling to watch my supervisor present my research as his own for me to continue but my colleagues were up for paying for my change of name by deed poll had I got the PhD. I'd have done it too.