What a turkey of a set. Unsurprising given that Tom "Great Sable Stag" LaPille was at the helm. It manages to be underwhelming on both the financial/economic and the design fronts.
From the financial side:
-Mythic rarity has never been more apparent as a complete cashgrab than now. Far too many mythics are not draft-ruining bombs, but are simply money cards that Wizards is reticent to mass-reprint. One can justify things like Vedalken Shackles or the Swords of X & Y at Mythic...those cards can absolutely dominate drafts, turning games into non-interactive blowouts. The need for reprints has to be balanced with the need to create a fun draft environment. That said, cards like Vendillion Clique, Dark Confidant, Bitterblossom, Mox Opal, and Tarmogoyf do not deserve Mythic Rarity on any grounds besides price...the thing Wizards *promised* Mythic Rarity wasn't about. All of those, save 'Goyf, could easily be at rare. Tarmogoyf could even go as low as Uncommon, if Wizards had some cojones and wanted to sock it to the speculators ruing the game.
-Packs are a complete lottery at the Rare/Mythic slot. Throw down ten dollars for a pack and you are more likely to open worthless jank like Long Forgotten Gohei (it was forgotten for a reason), All Sun's Dawn, or Argent Sphinx as you are to open a money rare/mythic. While the expected value is a net positive, at least according to calculations based on current market prices, there's an enormous amount of variance because value is concentrated in a handful of cards. This means a lot of casual players, the backbone of the game, are going to get shafted by variance, spending a ludicrous amount of money to get completely skunked.
The first Modern Masters had an ecletic mix of Modern, Legacy, EDH, and Casual staples to spread the value around the Rare/Mythic slot. You might not open something worth the entire pack, but you could reasonably expect to crack something of value t someone.
-There's not nearly enough value at (Un)Common. This is where the first Modern Masters excelled. Tons of staple commons and uncommons were reprinted, meaning that any value lost in the rare slot could be recouped in the rest of the pack. Current prices may not bear it out, but MM1 had tons of valuable commons and uncommons. Stuff like Rift Bolt, Lava Spike, Path to Exile, Spell Snare, Kitchen Finks, Desperate Ritual, Manamorphose, Spellstutter Sprite, Narcomaeba, Empty the Warrens, Grapeshot, and too many more to list all brought a ton of value in each pack. MM2 is too light in this regard. Remand, Electrolyze, Smash to Smithereens, Lighting Bolt, Vines of Vastwood, Expedition Map, and Dismember are really the only "money (un)commons" I can immediately point out ($1 or more), and only two are commons. Where are Serum Visions (besides skyrocketing in value to ~$10 a pop after the spoiler, or lack thereof), Spell Pierce, Sleight of Hand, Sylvan Scyring, Path to Exile, and what have you. Plenty of (un)commons that could have easily fit into MM2.
From the design standpoint:
-Too many rare reprints are unexciting. Many have been reprinted in recent sets or specialty products. Looks at Wolfbriar Elemental, Nobilus of War, Guile, Hellkite Charger, and more than a few other cards; all of them have been reprinted in some sort of product within the past few years. Modern Masters is supposed to be a "special" reprint set, to present a wholly unique draft environment, kind of like a Cube, chock full of powerful and interesting cards. Not a pile of cards Wizards devs have a boner for and want to see reprinted as often as possible. To wit, few of these cards are anything but generic herpaderp Limited bombs; you don't build around them, you win the game with them. Oh...and they're mostly jank in constructed.
-Too many of the Commons and Uncommons are simplistic Core Set filler. Why am I paying $30+ a draft to play with such exciting cards as Mighty Leap, color-shifted Giant Growth, or Rampant Growth? That's Core Set jank...I expect more from a premium, Expert-level drafting set. I want to see some truly interesting cards that are difficult to evaluate, that play into divergent archetypes or slot into different decks. Instead of Rampant Growth to support the 5c archetype, maybe throw in Utopia Sprawl, something that is good for paying mana costs, but not so good for triggering Domain (plus, it's another money common the set sorely needs with the absurd pricetag).
-So many cards seem utterly useless in typical drafting. Daybreak Coronet can only be used by players that drafted Splinter Twin (another rare) or Goblin War Paint. Spirits/Arcane are rather few in number, but have a bunch of supportive rares that will scarcely be useful (but players will love to pull that Long Forgetten Gohei). Inexorable Tide was a weak card in Scars block draft, where Proliferate was much more useful; here, it seems utterly pathetic...why not slot in Contagion Engine instead? At least that's usable by many different archetypes and strong on its own.
All this said, the set will still likely sell like hotcakes. Wizards is basically printing lottery tickets with some minor use-value, and as any stare in the Kwa will report, lotto-tickets sell extremely well. But from a player's perspective, it's disappointing, and, combined with the rancid recent blocks/sets, is pushing me further and further away from a game I really enjoyed and still want to.