The only downside is the health difference. It has the third best DR to weight ratio in the game, the best being General Jingwei's uniform, then Maple's garb. It is a reward for bringing 40 steel ingots to Foreman Everett. It is only repairable with leather armor, and provides a Damage Resistance of 36 as well as bonuses of 10 to Unarmed and Energy Weapons, while incurring a penalty of -1 to Agility.
Everett explains that the previous user made it bullet-proof, but it did not help him after he fell off of the bridge. Like the other throwdown armors, it is comprised of components from metal armor and raider sadist armor. Metal Master armor is a variant of raider throwdown armor available in the Fallout 3 add-on The Pitt.