AirWave Master Console is not what you're looking for if you're looking for redundancy. You'll probably more interested in AirWave Failover.
AirWave Master Console is more for monitoring multiple AirWave servers to get some consolidated reporting. So if you were to have 4 AirWave servers monitoring: North, East, South, West campuses, you could get a complete report on all campuses from the Master Console instead of running individual reports and manually extrapolating. Master Console also has capability for you to create config so that all campuses have unified config. Depending on the sizing of your setup, you may be waiting for the AirWave Multibox platform instead of having several individual AirWave servers. Talk to a sales rep to get more info since the Master Console is now considered a bandage for customers who ultimately are looking forward to Multibox.