I’m not sure if I’ve ever had so much fun drafting aside from Cube. Oh wait, this IS Cube. The reason Modern Masters is so good to draft is because there are limitless ways to draft it. Any archetype is reasonable: Storm, Dredge, Value, Aggro, Control, Tribal, etc. Granted, I haven’t drafted them all as I’m rather broke.
I have found that forcing archetypes is a reasonable plan. Color signals are a bit less important in Modern Masters than most formats. This is because the person to your right might be the same colors but a completely different archetype. (S)he might be UB Faeries, but you are UB control. They are going to take every Spellstutter and Latchkey, but they will avoid the Traumatic Visions and Peer Through Depths. Good for them, AND good for you.
As far as going multiple colors, I’d really avoid striving for the four/five color decks you might have been used to while drafting the Ravnica Block. Color fixing is not so great. You get the Vivid lands at the uncommon level and Terramorphic Expanse at common, but after that, you’re really straining. Two or three color decks will be the norm again.
Another great thing about this format is that bombs are a dime-a-dozen. So unless it’s a mythic bomb, you shouldn’t care that much about the power level of your picks. It’s much more important to make sure your deck is like a well oiled machine. Consistency is rewarded more than drawing your bomb.
BONUS SECTION: Strange archetypes and the strange first picks that go with them.
Dredge: Bridge from Below, Life from the Loam
Retrace: Life from the Loam
Affinity/Artifact Aggro: Ethersworn Canonist
Storm: Lotus Bloom, Pyromancer’s Swath