Well I'm an experimentalist, and I don't feel like a "peon" of the theorist. I am a peon of my advisor, but that's a whole other issue. Actually in my research group, the experimentalist is the head honcho, and the theorist is sort of the lackey (even though he's got tenure). At the group meetings we talk about experimental stuff the whole time, and the theory guys just kind of sit there and fall asleep.
Seriously though, experiment and theory are both equally important in physics. Without the theorists, we experimentalists wouldn't know what our results mean. I don't have the knowledge to derive fancy blazar spectra or do plasma physics calculations. And without the experimentalists, the theorists wouldn't be able to test their theories. The theorists don't know how to design equipment and analyze data like I can. Both jobs are dependent on one another. The master/peon relationship is professors and grad students, irrespective of whether one does theory or experiment.