So much for your statement in the other thread you started, "from the less experienced to the more so."
While you are certainly correct that the ThM is more academic, it can also be practical as well. And I would not limit the ThM to systematic or historical theology. My ThM is in neither. My school can do a ThM in biblical theology or hermeneutics or biblical studies w/ a focus on either NT or OT. So practically, my ThM is in NT studies and Greek exegesis.
My ThM mentor also told me that the standard route that most take is the MDiv to the PhD. So even the MDiv is still seen as an academic degree that is a stepping stone for the PhD. Admittedly, the MDiv to Dmin route makes good sense. At the same time, most ThM's require an MDiv (the only one that doesn't that I can think of is DTS who has no MDiv option).
Just to get you thinking more as you approach seminary education. Personally, I would rather sit under a pastor w/ a PhD than a DMin. It is something to consider. I like the thought of getting a PhD not just to train collegiate or seminary students but the church-goers as well.
Can I ramble???? Yes I can. Sorry.