I think, for me at any rate, it just feels off.
I definitely agree that Jedi of lower rank would refer to their superiors as "master" as a show of respect. Not unlike using the word "sir". But for Jedi of the same rank I'm just not sure. Something about being the same rank as someone but referring to them as "master" when they aren't actually a master seems off.
Here's something I'll need to address: in TPM Yoda refers to Qui-Gon as "Master Qui-Gon" when he delivers his report. That will have to go. I think George made a big mistake making so many Jedi Masters. It tends to feel like if you're a Jedi for X number of years you get to be a master automatically. I think the rank of Master should be very hard to obtain. As such the Jedi Council need not be made up entirely of "Masters" but could easily be made up of very experienced Jedi. It sure would be nice to come up with an intermdiate rank between Knight and Master. Perhaps Paladin or Templar.
One of the things I want to do is make it that Jedi Masters disappear and become one with the force when they die, that's part of what makes them Masters. None of this ridiculous communing with Qui-Gon crap. So when Qui-Gon dies he doesn't become one with the force because he wasn't yet a Jedi Master.
I do want to keep the scene where Yoda confers upon Obi-Wan the rank of Jedi knight, as I like that scene and it's one of the few instances of Obi-Wan being "reckless" by taking on Anakin as his apprentice, the way he said he was in the OT but the way he almost never was shown to be in the PT. I just think it brings more interest to his character if he arrives at a "destination" at the end of the film, that being his ascendance to Knighthood.