As I've seen neither a Masi or a Waterford, or have any knowledge of them other than that gained from the list, I couldn't make any valid judgement. What I can do, is show a picture of what standard they would at least need to come near to, if I was to choose between either of them. This has got absolutely nothing to do with brand name, era, competition history or links with famous racers of the past. It has a lot to do with well constructed and finished frames of high quality tubes and fittings, that sold in (relatively) small numbers (max 750/year between the 20's and mid-80's) and by repute alone. No bells and whistles or website advertising here.
See http://freespace.virgin.net/
Mind you, I dread to think what it would cost to replicate that frame nowadays !
Bob Reid Stonehaven Scotland.
p.s. It's possibly Dark Blue with predominantly gold transfers.