In today's environment, I would say utilize the Master Model approach and separate the drawing from the model in their own files.
When I started with UG at UGII V3, (dating myself now) we did the drawings in the same file as the models. Back then, we were still drawing everything in wireframe, no solid modeling. Spent many years with UG, through early NX releases, and we always kept the model and drawing in the same file. We switched to Pro/Engineer in 2001 and with that we did all Pro/E files as separate drawings and models.
I see advantages of both methods with NX, but I think overall, you can be more productive with separate files for the model, assembly and drawings.
A lot will also depend on if you are using a PLM system (TeamCenter or other) with your NX data and the release procedures that are controlled by that software.
One company I worked at had Windchill for the CAD vaulting of our Pro/E Wildfire data and TeamCenter for the business side of release control. We would do a backup of the Wildfire drawing to capture all of the components into a single folder and then add a PDF of the drawing. This would be zipped and that is what was uploaded and released in TeamCenter.
"Wildfires are dangerous, hard to control, and economically catastrophic."
Ben Loosli