Not Very Good... So Far
I have to admit, Time Masters seems like it should be good. The art isn't bad. It has an interesting premise, roughly inspired by Robert Anton Wilson's Illuminatus Trilogy, and it updates Rip Hunter to for the modern era.
But for all that, it's undermined by a whole lot of things. First, and foremost, the characters. The love triangle between Rip, Bonnie and Jeff seems incredibly juvenile, like bad junior high drama. All the rest of the characters are hoary stereotypes, Dan, the rich Lamborghini driving swingin' bachelor, Corky, the punk/metal kid (who comes off as an inauthentic poser), and 'Tony', the tomboy computer hacker who tries to steal Dan's Lamborghini so they end up letting her join them even though nobody knows who she is, and she's a known criminal.
Then there's the art. I already said it wasn't bad... but it's not good either. The problem is that it's half-good. The layouts are great, with some great composition of panels and action sequences. But the art is often either lacking in detail (sometimes), or focused on strange/irrelevant details; for example in a romantic moment, Rip kisses Bonnie, yet the artist chose to way over-emphasize the craters in the moon in the background.
Unless you are a diehard Rip Hunter fan, I can't really recommend Time Masters - yet; I'll reserve any further judgement until I've read another issue or two.