I changed the master cylinder last Saturday (03/20/2011). The clutch now feels a bit more firm as expected. The biggest difference is that now my clutch pedal is not slick with hydrolic fluid and no more fluid is dripping into my car. This took me about 3-4 hours to replace, keep in mind I am not experineced is auto work, this is the largest repair I have done on my own. I am sure it can be done faster by an experienced mechanic.
My biggest concern going into was where to find the bleed valve. But once I removed the battery and the battery housing (as instructed and using the photo as reference), the valve is easy to spot and and easy to get to.