Why do you perceive mastercoin as great idea?
The internet is a brilliant invention. But standing alone, it is actually a rather boring object. The internet is actually a mere protocol (ruleset) - called TCP-IP. It doesn't actually have much function at all. On 'top of' TCI-IP is email (smtp); webpages(http); and file transfer (ftp) - among others. This is where the real functionality that makes the Internet so useful lies. These are three 'higher level protocols' which give exciting new function to the internet (TCP-IP).
Bitcoin and more precisely the blockchain and its administration - give rise to a nice digital currency. But that is not where the excitement lies. The real excitement comes in all the great functionality which can be supported with the blockchain. All this functionality will be embodied in Mastercoin - a higher level protocol which operates in conjunction with bitcoin . Just as http (webpages) operates on top of TCP-IP (internet), Mastercoin is a protocol which operates on top of the bitcoin protocol. However, Mastercoin will bring all the high level functionality. Bitcoin is just a boring old currency.
If I were you, I'd buy tons of Mastercoin right now. Please do not delay as this will cost you an insane amount of money in the long run.
btw - its not 'hype'; it is genuine excitement which is fully warranted.
