A beard is something used to cover your face. When a gay man marries a woman to show everyone he's not gay (even though he is) that is called in slang "a beard" because she covers his gayness. Or if a man who is gay hangs with a girl who he tells everyone is his girlfriend that's a beard. What they are saying is that Master no longer has a beard (his gay cover) but he now has a wife (his gay cover) is that he's gay. And he's evil, obviously.
Either way THAT plus the awkwardness of having Tennant's Doctor tells Davison's Doctor that "You were my Doctor, oh yes!" makes this just mushingly sickening. On top of that they say that when the Doc was younger (Hartnell) he was all grouchy and Tennant's lines indicate that was not acceptable. No, he'd prefer it that he was ineffective as Davison's Doctor so often was (allowing Adric to die for one thing).
Ther'e's nothing funny here, nothing surprizing or interesting or anything visually stimulating to watch. I't's embarassing to have Davison flirt about talking about fans like the LINDA group. The other charity thing was Rose reacting to the newlly regenerated Doctor...now THAT was great. This is just a big borefest of embarassment and hokeyness. It reminds me of Donna's first appearance and her saying, "That's not even a word. You're just making stuff up."
Time Crash might be a favorite among fans but it's not mine and maybe I should just and we should just leave it at that. It's a dissapoinment. DW can do anything and go anywhere and have any type of meeting between minds...and we get this...two actors who's egos are built into the script. It's embarassing and mushy and insulting to Hartnell fans and gays. Oh and Tennant and Davison are both awful in this.