Would I be completely mad to do this? The offer is for a reputable university and department, with a good supervisor, but I'm not sure about the project - I'm worried it won't translate well into industry, which is where I want to end up and in all I'm just not sure about the topic as a whole (whether my heart is in it). The project has very good prospects for academia.

However I am nearing the end of my MSc and have no other offers, not even any other interviews lined up... it just feels daft to be rejecting what may be my only chance at a PhD...

Has anybody got experience in this?