Factually, MPhil is master level and PhD is a doctorate level. Masters are often lower than doctorates. In some countries these are different entities. Issues arise in MPhil/PhD: One can be given Mpil or PhD. PhD is higher than the MPhil and possible give more money and preferred by employers. However, some employers prefer MPhil holders because they do not need to pay higher salaries. Hence, difficult to pin down or give a specific answer. However, I will go in for a PhD despite the uncertainty.