Is this set going to be a online only, or is it real packs? I just heard of it today...

I saw a single source that I cannot find again, which said online only; but then I was told otherwise, and found a few sites saying printed release.

Wizards: Modern Masters

It will be released in paper, but they have said it's "limited release" with no definition on how many cards that means. Expect price gouging and some places to only offer in draft, no packs for sale.

My LGS has already indicated they won't sell boxes. They anticipate packs to go for $15 (or more) each on the day of release.

As I understand it, they intended to use Modern Masters to introduce more players to the format, and to make it more accessible. Sadly, it seems they are only Legacy-izing the Modern format (raising prices and creating a barrier to entry).

The LGS I just started attending said that they will only be getting somewhere around a case of Modern Masters (MMA). The will be selling them for like $6-8/pack, not doing any pre-orders. We tried to convince them to do some drafts as well, because otherwise just selling out of packs quickly will be really boring.

They're supposed to be 6.99 a pack compared to the 3.99 a pack for normal ones. It's supposed to have a higher number of cards that were rarer even in their original set.

Price gouging is going to be bad unless you have a decent LGS; just take a look at Amazon.