The main reason this build is so good on master yi is because of 1. his ultimate and 2. wuju style. with starks+madreds+wuju+hylander master yi is able to kill any champion.

Pros:
Massive speed to escape/chase
Powerful Dmg both physical and magic
able to push lanes/backdoor without fear
able to deal with any champion

Cons:
tough early game
very weak early game
RELIES on neutral buffs for slows and mana regen
can be easily killed by AoE
needs farming before able to become unkillable

Cleanse is a must. there is no way you could play yi without i. it can remove CC, silence, blind, and Ex. it will let you escape the dreaded rammus.

Ghost is a nice summoner skill because it allows you to run even faster to chase or escape.

Optional

Flash: its nice and allows you to go over walls. but since you cant use it to remove skills, it is lackluster compared to the hylander+ghost combo
Ignite: more kill power, it is a good choice but uneeded
Smite: you wont need this since you are not jungle
Exhaust: nice for 1v1 and slows
Revive: works very well stacks movement speed with ghost+hylander
Sub-par

Heal: nice early game but weak rest of the game
Clarity: always helpful but benefits from Ghost and cleanse are much better
Tele: you can run fast enough

Bad

Everything not listed

this skill sequence maxes Wuju style first with alpha strike second.
though meditation is nice, it is a very small heal on non AP builds and is better used for late game baiting.

the main 2 items that need to be finished ASAP is Starks and Madreds because they both offer more Dmg and attack speed.

Starks allows you to 1v1 any other champion without worrying if they have more health/dmg

madreds allows for massive magic dmg due to Yi's attack speed lategame

and Guardian angel allows you to revive to own more face

after these 3 items build survivability to live through nukes and AoE

this is a very welcome idea especially when your minions are at the enemy tower. but do not leave lane too much as this can lead to being under leveled.

make sure to have RED AND BLUE buffs before entering team fights.

Blue buff helps with farming as this build does not have a large mana pool

after you get emblem of valor you should be able to kill any jungle mob besides baron

in team fights Red and Blue buffs are a must. because after every kill hylander and wuju are refreshed which allows Yi to have the time to chop an enemy to death.

Be sure to let tanks engage with this build, and after the engage use alpha strike to engage.
use Hylander and Wuju and begin to chop away the enemy life.
with guardian angel if you get focused or get AoE nuked you can still fight.
Alpha strike is a good way to catch up to running foes and last a red buff slow.

this build has very strong kill power mid to late game.

in my own exp. it has turned games around as soon as i get madreds, which has lead to Penta-kills, Quadras, and many double and triple kills.

Please Leave thoughts and questions and i will try to answer Asap