This is my first year of Master's races. As a whole, I find them to be a bit more relaxed (but not slower) and some of the twitchy moves I saw in the "young people" races trying to cover gaps, gain position, etc. aren't there. I think as people get older, the sense of risk/reward gets changed.
I remember one race this year where someone was chiding someone behind me for doing a risky move and they were told to relax because winning a pair of socks and $50 wasn't worth it.