Did the MasterMouse MM530 surpass its predecessors? I think you already know the answer. The sensor is almost exceptional in this price range as the PMW3360 is currently the top choice for high-level gaming. It performs incredibly well in this mouse as the implementation is great, even though there are some things that should be fine-tuned in the firmware.
The choice of materials is near perfect with the exception of the textured silicone grips on the left and right sides of the shell. These could get slippery, but if your hands aren't too sweaty, you probably won't have issues with it. Some people prefer a heavier mouse, some like lighter ones. Since the MM530 has a removable built-in weight, both groups can be happy. I would strongly recommend removing it as the the mouse feels way better in the hand without it (this too is of course up to personal preference).
Both main buttons are very good in terms of click feedback, and the PBT material they are made of feels absolutely great. The scrolling is very nice and tactile. Pressing down the middle click doesn't require much force, so it's very comfortable if you use your scroll button a lot. The side buttons could be better, but I have seen many that are worse than these. They are fine for browsing though, and their placement is good for my hand size and grip style, which is, of course, totally intuitive.
Cooler Master is moving in the right direction with the cable as well, but I think a more flexible one would suit these mice better. As for the feet, they are about average in terms of gliding. This too could be improved a bit, but at least the quality control is good, there are no sticking out bits, and they are perfectly aligned. Many manufacturers fail to do this, and it can be really annoying when something is scratching your mouse pad.
As for the software, it's quite lightweight, performs well, and has a lot of options to choose from. You can fiddle with the sensor settings, choose from a myriad of lighting options, switch profiles, and make macros, just to mention a few of its features. All buttons can be remapped as well, so if you don't like the default layout, you can easily change it.
There are quite a few mice out there with a similar palm-grip-oriented shape and size. However, they mostly tend to cost around $60–$70 or even more, whilst not providing higher quality than this review's subject. I would therefore say that the MM530 is easily recommended, and from an objective point of view, it's quite a best buy in this price segment. If you liked your CM Storm Alcor or Mizar, but are looking for an upgrade, you should definitely consider this mouse.