I am in the US, and at my school masters and PhD students all take the same classes.
It is not ideal because many of the masters students are coming from a non-CS background. Some of the graduate level CS courses I have taken were easier than 4th year level undergrad classes.
By the time I'd finished graduate classes, I had a hard time with proofs. After the 10th or 12th introduction to predicate logic with slightly different notation, it just all becomes a big, confusing mass.
It is not ideal because many of the masters students are coming from a non-CS background. Some of the graduate level CS courses I have taken were easier than 4th year level undergrad classes.