I took a pretty thorough look though the Master Frequency Guide samples and here are my thoughts. I too like having digital and hard copies of license data for offline use. But for the same price as a single volume of one of these frequency guides, you can purchase a RadioReference premium subscription and get access to data for download (as a .csv or .pdf, depending on the data selected) for the entire country.
I found the data from RR to be much more rich, including everything that the Master Frequency Guides does, plus more: an input frequency field, input/output tone fields, a modulation mode field, an alpha tag field, and a description field (often less cryptic than the licensee holder name, and can contain information about the actual user, not just the license holder).
Above it was stated that "what I like best is, because it’s a .pdf, the ability to search by licensee name or frequency" but PDF is perhaps one of the least ideal formats for storing and querying tabular data. PDF is good for keeping file size small for documents, but not so great as a database. Data accuracy arguments aside, I found that I get much more bang for my buck with a Radio Reference premium subscription.