In that page, it doesn't describe it as political correctness run amok. Those cases are reserved for the correct usage of a word that merely resembles some inappropriate term.
Master/Slave as a relationship originated before computers and refers to possessing another person as property, so it's negative connotations are inherent in the phrase and rejecting them is a linguistic choice.
Contrast that to using the phrase retarded in Physics, which originally was just a term used to describe a time delay, and was ultimately applied to people who had delayed development, and is now considered inappropriate, though it is still used in physics from time to time.
> Master/Slave as a relationship originated before computers and refers to possessing another person as property
Yes, and slavery is any form is heinous. But if we're talking about terminology... master and slave terms in computing have become to describe a certain kind of logical topography. For me, a term being somehow inappropriate is not alone enough to warrant finding euphemisms.
There are terms like that all over the place. Your example, "retard" is used at least in cooking to describe a component inhibiting a desired process. I wouldn't be surprised if someone found bridge building to be inappropriate ("erection sequence"), and people in corporate security business are doing pen-testing all the time.
There is something in the need for euphemisms that rubs me the wrong way. It depletes a language and nibbles its users of variety.
Come to think of it - one of Agatha Christie's novels was renamed twice due to insensitivities. The current name is, I believe, "And then there were none".
[1]: http://www.snopes.com/inboxer/outrage/master.asp