You are correct and I did check the wheels and bearings, frame and rebuilt the brakes and fork, but I just didn't see this one- and to be honest it hadn't even crossed my mind to specifically check for this- PO claimed he'd recently fit a new chain kit- sprockets looked 15-20% worn at most, the chain links weren't binding, chain wasn't even half stretched, so theoretically there wasn't any reason to really do much checking on a "new" chain. Nor had I ever read or heard anywhere to check the master link on a used bike "just because", and extremely few if any (licensed) bike shops check that.
Clearly someone up there, at least for now, wants me alive and in one piece. I try as much as possible to keep from pushing my luck, as I've already dodged the bullet many times. It's easy to get let down and unhappy by various stuff such as this and that braking or a business partner screwing you or who knows what, but on the long run none of that matters as long as you're alive and well. And many times the margin between alive and well and closed casket is only razor thin.
Scary thought- if someone like me, who takes extra care in having everything related to the chassis, steering, wheels and brakes in top condition, and puts more time, effort and care than any professional mechanic I've ever seen, missed that master link, you can only imagine what is the condition of most vehicles on the road, especially those of 10+ years old. Where most people simply don't care and/or they entirely rely on a "mechanic". Such as the "mechanic" that was proudly introduced to me by the PO as "the guy who did everything on this bike", and messed up almost everything he touched; from the ghetto wiring of the turn signals and the cross threading of the engine bolts when installing the crash pads, to the chain's master link which most likely wasn't even properly installed to begin with...