For those who are not aware, MasterCoin is not just an alt that was recently released, it is actually the name for a much deeper project created more than a year ago by dacoinminster. The name chosen by the recent alt is unfortunate.
The original MasterCoin is not really an alt, but rather another coin embedded within Bitcoin. I advise you all to
read up on it, it's fascinating. Investment in creating/bootstrapping MasterCoin is open from today until the end of August, after which the number of MasterCoins will be set. No, there is no code or binaries yet, the bootstrapping BTC will be used to fund the project.