Master-Local and VRRP are not mutually exclusive, they aren't even really comparable as they aren't related. Master-Local is a controller topology that involves having a master controller that manages config, ARM, WIDS, etc and a local controller that terminates all the users. It's a method of building controller redundancy into a WLAN 'system'.
VRRP is the Virtual-IP that is shared between two or more network elements, and is USUALLY used between two controller to provide fault-tolerance (if the primary holder of the VRRP IP goes down, the backup will take over and you have network continuity. Note that VRRP is Layer-2, which means that both network devices (controllers) have to be in the same VLAN/network.
You can ALSO use the LMS IP and Backup-LMS IP for controller redundancy, where the APs try the first LMS IP and if that goes down, they will fail over to the Backup LMS IP. This is NOT as fast or efficient as VRRP, but is a Layer-3 failover mechanism, which means the master could be in one network/VLAN and the local be in another.
As Tim stated though, there are LOTS of variables to consider in a multi-controller deployment that should be discussed with your local partner or Aruba SE to make sure you are deploying the correct architecture for yours or your customer's needs