We had this in our first custom build. We "didn't know what we didn't know" at the time and both agree that it was not a great setup and we'd never intentionally have a layout like that again.
In our last house, the master was also right off the living room (we didn't build that house!) but we added an alcove when we gut remodeled. That was definitely a better approach.
In our upcoming remodel/addition, the master will have a 15 foot hallway leading to it so it will definitely be more of a "retreat" from the kids, who are all older now. Being farther away from all the noises of the kitchen, tv, and kids bickering will be heavenly :)
Q