This could be bias, but the Master Sword is the ultimate Item, it can only be used by the true hero, so I don't know if anyone should have it...
how do we define a 'true' hero. Those that are blessed by a god? What about those who pledge themselves to smite evil from the world?
The master sword is +1 strength at melee range.. for now. I'll let anyone use it, especially the hero's descendants who are like the incarnations of links in various races. In a time where no single hero has appeared it would be in favor of the goddesses to grant access to the weapon. Besides its not it was pulled from any stone. The hero of old died leaving behind his weapons, the master sword is one which he would have carried with him until death (well that depends on the game but~)
but if you all feel as though the master sword trumps the two most powerful game masks then how about you settle for the golden sword?
edit: the L ninja strikes again, looks like im outvoted.