PHP has a terrible reputation because it is so accessible. Anyone can start writing PHP, and most hosting solutions offer PHP these days, so there are a lot of non-programmer types writing programs in PHP. These programs lack proper computer science discipline.
There is a very widespread movement within the PHP community to move toward readable, well formed code as PHP starts to adopt modern language features. With PHP5, OOP became a practical reality and with that an explosion of books and material written about OOP best practices and development patterns. While PHP is often used to write malformed sloppy spaghetti code, the language facilities are there to allow developers to program in development paradigms like MVC, OOP, and TDD.
Not to mention, PEAR has greatly improved the quality and accessibility of community scripts. PHP's strongest asset is its community, and it has been becoming stronger and more disciplined. In many ways, PHP is very much like JavaScript--it had a very sloppy beginning from which the developers and community have been trying to recover. JavaScript is a very sloppy language, but there are some extremely powerful parts of that language that have brought it some well deserved respect in the age of Ajax and interactive web applications.
Languages like Ruby and Python are chock full of things geared toward computer programmers. If you hire a Python or a Ruby programmer, just by virtue of knowing the language that programmer is many, many times more likely to appreciate clean, well organized code than a PHP developer. That is part of the culture of those languages, and the people who evangelize them.
There is nothing inherently better about Ruby or Ruby on Rails in my opinion. Rails was the first mainstream MVC development framework, but its popularity and success has catalyzed the development of similar frameworks in every language imaginable. The choice to write Rails in Ruby isn't an indication that Ruby is better than PHP, which many could argue. Considering the time in which Rails was written and 37signals' fascination with obscure things, I can understand the move completely. At the time, web scripting languages were pretty lame, and 37signals was looking for a language that catered more to the needs of application programmers, not scripters.
You're not being held back using a PHP framework like Zend Framework, CakePHP, or symfony. CakePHP and symfony are both directly modelled after Rails, even if they aren't direct ports. Akelos is an actual port of Rails to PHP. Zend Framework is the most fully featured framework I've used so far. Don't be afraid to experiment, but jumping ship to a completely different platform isn't necessary and it won't change the way you do business. It's the same business in a different dialect.