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You forge a mystical bond with a spirit or create a spirit from a fragment of your own soul. You gain a familiar. If you already have a familiar, you gain the Enhanced Familiar feat.
Your familiar gains two additional familiar abilities each day, one of which must be used to select the following master ability[...]
The way i read this feat, you get either a familiar or the Enhanced Familiar feat.
And regardless of that, your familiar gains two additional abilites.
Which would mean 4 additional abilities, if you already have a familiar, with one of those being locked to the special master ability.
Even though you have to wait two levels compared to Familiar Master, it seems like a powerful option - in addition to loads of flavor.
Or am i reading it wrong?