I was wondering about what will happen to the test mastercoins... will they be deleted when the protocol is working? Otherwise, it could be that they become valuable as well.
Testnet bitcoins aren't valuable. Everyone knows test mastercoins should not be used for serious purposes, and nobody is promoting their use for serious purposes, so nobody will use them for serious purposes and they will have no value.
Testnet bitcoins are running on a separate block chain. Test mastercoins however are on the same block chain as regular mastercoins. And if they basically can do the same things as normal mastercoins, why shouldn't they be used and gain in value?