I guess with masternodes you mean so called SNs (supernodes), right?
Yes, I just use the generic, age-old p2p terminology for any form of systematic recentralization, regardless of the trendy term-of-the-day for it. (... which seems to vary month-to-month anymore.)
Well, I didn't like them too. Not sure if it's possible at all at this stage, but perhaps with your support, it could be possible to think it over again, and get rid of those special nodes.
I doubt it is something that would get sorted out before you guys proceed with the lite wallet launch. It isn't entirely clear to me what the XEL transition plan is from there, though.... so maybe it is something that could be done after or maybe it is something where we'd be talking about a new, distinct network.