The most obvious power of a Masonry (and Best Friends) is the mutual confirmation of multiple players as Town. Consider that a Cop can find out over the span of two Nights that two other players are innocent, and if the Cop roleclaims effectively, the Town wins three confirmed-innocent players on Day 3. A three-person Masonry, on the other hand, has that same number of confirmed innocents from the start of the game. In addition, while a Cop's innocent results are mostly only useful if the Cop lives to claim them and is believed, each of the Masons can mutually confirm the others as soon as the existence of a Mason is made evident. (For instance, if someone dies overNight and flips Mason, the other Mason(s) can still claim and be considered confirmed Town.) Last, Mason is difficult (but not impossible) for scum to fakeclaim, as they need to put up a scumpartner to be their fake Mason partner and hope that neither of them die over the course of the game.
Some moderators consider two Masons to be a roughly equivalent substitute for a Cop.
The conversational aspect of Masons is not nearly as good (as opposed to with Neighbors, where the conversation is a means to the end of discerning the Neighbors' alignments). It can be used to allow the confirmed Town players to confer with each other and play strategically during the Day - much like scum do, but with the intent of helping the Town and confounding the scum instead of vice versa. To that end, the ability for Masons to speak to each other amplifies the skill of the Masons themselves, but has no inherent power by itself.