From the Users Guide for 6.4.2.0-4.1.1:
Although multiple IAPs are configured to function as a preferred master, only one IAP operates as a preferred
master and the remaining IAPs will operate in the standalone mode. When the IAP serving as a preferred
master is down, one of the other IAPs is elected as a master. When the preferred master IAP becomes
available, it will resume as a master IAP.
I've set a few APs to "preferred master" in my lab and they're coexisting poorly.
Each time one comes up one of them reboots.
Probably not supposed to do that...