The armor perks I can't perseive, but the masterwork weapon making kills bleed orbs is pretty noticable.
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The orbs, yes, the perks? Not noticeable.
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Weird I have several armor sets that are masterworked that I use, and I notice elemental damage on one over the other, but it is not as [i]noticeable[/i] as a he weapons masterwork perks, which can make a pretty big difference. If you don’t see the utility of masterworking, then don’t. You will have more masterwork cores to save for leveling gear you like.