Ahh... Chicken. If you could, rip the cooperate card so the opposing player can choose to either lose 1 or lose 2. If your opponent thinks you are crazy (so you will only play defect)... the rational choice is to play cooperate to avoid the worst possible outcome. But if the opposing player is thinking the same, you'll both owe the Grand Master 100 beers. So, who will try and stop the bleeding first? It depends on how risk tolerant the players are and what they believe about the other player.
Neither mutual cooperation nor mutual defection is an equilibrium of the single-shot game (of the repeated game, the folk theorem comes into play... but mutual defection cannot be an equilibrium (without "knowing" incorrect information about the opponent)). CD and DC are the only pure strategy Nash equilibria of the single-shot game (which both happen to be stable). There's a mixed strategy NE in there as well (though it is unstable... like all mixed strategy equilibria) as Octopuppy pointed out (50-50). As long as both players believe the other will play according to it (and both players know it), there is no incentive to deviate from the mixed strategy equilibrium (e.g., it can last more than the first round given the right information).
There is no best strategy without knowing the opponent's strategy (just like I have proven for the prisoner's dilemma in a previous post). So I still believe there is no "best"/logical strategy without extra information (knowledge about the other player, or some history of play, etc). There are definitely some bad (dominated) strategies, but there are lots of good ones too. And as Neida pointed out, Masters of Logic are definitely not myopic... so they'll look at the big picture.
Of course, some extra information won't necessarily result in a best strategy (like knowing the other player is also a Master of Logic).
Logically? (sorry... I had to )
Does it not just depend on the information available to them? If both players know that they both will act according to a specific logic, and that logic includes knowledge that the other player has the exact same available information and will act according to the same logic, why would it be illogical to use that information to know that mutual cooperation would be best (due to the obvious symmetry)? It seems to me that superrationality is simply acting rationally when in the presence of certain extra information (though perhaps with inhibited free will mentioned previously to keep the assumption "everyone will play the same" correct).
What if both players are told that the other is superrational and that both players have exactly the same information, but one retains his free will? Wouldn't the best strategy be to cooperate until the last round (letting the other continue to believe incorrectly that he will always cooperate), and then defect on the last round?