UN Habitat's December 2004 journal was devoted to this very question. Take a look at some of the many articles in the link and I would be curious to hear some feedback from the group- particularly folks who have studies/lived/planned for countries outside of the U.S.
The general point is that master planning is too rigid, top-down and impossible to implement. Master plans are obselete before the ink is dry. They tout participatory planning as the only hope.
As someone about to spend not a small amount of money to attend graduate school in this very subject- I look to my future colleagues for some feedback and defense (?) of the field.