Or at least everyone reading this blog does.
And I'm almost certain that everyone reading this blog has heard of the generalization of the master theorem due to Akra and Bazzi. It's particularly useful when you have recurrences of the form
$$ T(n) = \sum_i a_i T(n/b_i) + g(n) $$
because like the master theorem it gives you a quick way to generate the desired answer (or at least a guess that you can plug in to the recurrence to check).
(And yes, I'm aware of the generalization of A/B due to Drmota and Szpankowski)
When I started teaching grad algorithms this fall, I was convinced that I wanted to teach the Akra-Bazzi method instead of the master theorem. But I didn't, and here's why.
Let's write down the standard formulation that the master theorem applies to
$$ T(n) = a T(n/b) + f(n) $$
This recurrence represents the "battle" between the two terms involved in a recursive algorithm: the effort involved in dividing (the $a T(n/b)$) and the effort involved in putting things back together (the $f(n)$).
And the solution mirrors this tension: we look at which term is "stronger" and therefore dominates the resulting running time, or what happens when they balance each other out. In fact this is essentially how the proof works as well.
I have found this to be a useful way to make the master theorem "come alive" as it were, and allow students to see what's likely to happen in a recurrence without actually trying to solve it. And this is very valuable, because it reinforces the point I'm constantly harping on: that the study of recurrences is a way to see how to design a recursive algorithm. That decimation as a strategy can be seen to work just by looking at the recurrence. And so on.
But the Akra-Bazzi method, even though it's tremendously powerful, admits no such easy intuition. The bound comes from solving the equation
$$ \sum a_i b_i^p = 1 $$ for $p$, and this is a much more cryptic expression to parse. And the proof doesn't help make it any less cryptic.
Which is not to say you can't see how it works with sufficient experience. But that's the point: with sufficient experience. From a purely pedagogical perspective, I'd much rather teach the master theorem so that students get a more intuitive feel for recurrences, and then tell them about A/B for cases (like in median finding) where the master theorem can only provide an intuitive answer and not a rigorous one.