I don't think the UFC would be compromising the integrity of the standard because they'll still have their top guys competing for the regular titles.
I feel that a Master's division would just give 40+ guys an opportunity to stay active in the sport. The fights would also be entertaining and very competitive becuase the fighters will be on a more level playing field. The fights may not merit pay-per-view exposure, but they would be a good addition to the Ultimate Fight Nights.
And SCH, thanx for the intelligent response. It's nice to see that there are some posters around here that are able to disagree without resorting to childish flaming.