It didn't look too bad, so after a week-long soak in WD-40, I gave the post a few straight-down whacks with a sledgehammer. This broke the rust free.
Usually after the sledgehammer trick, it's smooth sailing. Not this time.
First I tried to twist the seatpost with the seat. No dice. Next I tried Vise-Grips, and finally a pipe wrench. Nope.
The next option was to drill a hole horizontally through the post, insert a steel rod to make a T-handle, and twist the post like that. Usually, it works. This time, I got a little back-and-forth motion...and then the post broke off.
I now had about three inches of post left. So, plan B.
First, I got some Kano Kroil (thanks for the tip Ted Carl) from Amazon.com and soaked the post with that. Left it overnight.
Today, I got out the pipe wrench. But, I didn't want what was left of the post to get crushed by the wrench (which is inevitable). So, here's my new tip: insert something into the post, so it doesn't go flat. I used a 1/2" Craftsman ratchet extension.
With the post now solidly filled, I started using all the leverage that the pipe wrench offered me. Stomped on it a couple times and heard "CREAK!"
Yes! The seatpost is turning.
A few more minutes of patiently applying torque with the pipe wrench (along with the rust-eliminating effects of the Kano Kroil) and the post was out.
But, if I hadn't inserted the ratchet extension, the post would have been squashed flat, or broken off, within seconds.
Here's a pic of the setup after I got the post out of the bike:

And here's the Master, sans seatpost. As I type this, the rearend is taking an oxalic acid bath...