I've heard at least half a dozen definitions of "webmaster" or "webmastering". Personally, I just consider it as a non-descript term that has lost relevance due to ambiguity of meaning.
Where I work, webmaster means, updates and maintains all information held on the domain itself. So anything from site updates and designs to inputing new information as needed per who wants it where and why.
I also do internet applications with coldfusion and am also a database admin with SQL Server
So again, I think it really depends on where you work!
I think the term "webmaster" is somewhat outdated as the field has become more specialized.
Better titles would be Web Designer (front-end) and Web Developer (back-end), designers being the ones with the HTML/CSS/JS, Photoshop, Illustrator skills, and Developers being the ones with the server-side skills (.NET, PHP, SQL, etc..).
Designers can even be further broken down into Graphic Designers (Illustrations and icons) and UI Designers (user experience, layout, color schemes, etc.)
Obviously, there is lots of cross-over, but most web people tend to have a stronger focus on one side vs. the other.