If the booster is failing, the brake pedal feel will be very stiff. So I doubt that's your problem.
One tell-tale sign of a failing brake master cylinder is "leak-down" of pressure. Press the brake pedal and keep constant pressure on it. If the pedal slowly sinks to the floor (and there isn't any brake fluid leaking anywhere), then chances are the seals inside the master cylinder have failed.
Another possible source for a spongy brake pedal is degradation of the rubber hoses leading to the brake calipers. Take a good look at them. If the rubber looks dry-rotted, it needs to be replaced. When the rubber in those hoses deteriorates, it allows the hose to expand when pressure is applied to the hydraulic system. That makes the brake pedal feel rubbery.
You should also double-check to make sure the hydraulic system is free of air.
[This message has been edited by Blacktree (edited 06-03-2009).]