And I can honestly say that I enjoyed it as much as I did the first time. I think the re-read benefited greatly from the four years since I read Apprentice the first time. I had forgotten large chunks of the plot and certain events got switched around in my memory. Like, I thought that Pug's capture had happened at the very end, but it doesn't. Instead, he ceases to be the main POV character for the rest of the book and the POV switches over to Tomas, Arutha, Carline, Martin, and briefly a Tsurani. I think this was a very clever way of ensuring that readers would continue reading the entire book back when it was just Magician. It actually becomes an even better hook after the book was split into Apprentice and Master because you're almost compelled as the reader to immediately pick up Master just to see what's become of Pug. The ploy is still effective after a re-read because I'm just about to jump into the next book today!
But yeah, Magician: Master ought to be as good as I remember it. One of the things I'm looking forward to is revisiting Kelawan and the Tsurani culture. Feist says he mixed together elements of Feudal Japan, Sung Dynasty era China, Zulu, and Aztec cultures and it's a major difference from Midkemia, which is the typical European fantasy setting. It's a nice change up and I'm planning on reading the Empire Trilogy (set entirely on Kelawan) later this year, after I finish with the Riftwar Saga.
I'll probably post some of my favorite bits from Magician: Apprentice later today.