Hi,
In fact, the master page is entirely different from the iframe, the the MasterPage class derives from the UserControl class, it works as a usercontro on the content page.
You can try to change the master page file for the master page in the PreInit event dynamically, but you cannot use like you said: contentplaceholder.load("default.aspx")
If you want to use like this, you can use the ifrme, cannot use master page.
You can try to read this article, it talks how the master page works. http://www.odetocode.com/Articles/450.aspx
Hope it helps.
Please remember to mark the replies as answers if they help and unmark them if they provide no help.
Yours sincerely,
Amanda Wang
Microsoft Online Community Support