<p>What would be the Master Pages equivalent in the Java web development world?  I've heard of Tiles, Tapestry and Velocity but don't know anything about them.  Are they as easy to use as Master Pages?  </p>

<p>I want something as easy as set up one template and subsequent pages derive from the template and override content regions, similar to Master Pages.</p>

<p>Any examples would be great!!</p>

First, the equivalent of ASP.Net in Java is going to be a web framework, such as the ones you mention (Tiles, Tapestry and Velocity).
Master pages give the ability to define pages in terms of content slotted into a master template.
Master pages are a feature of ASP.Net (the .Net web framework), so you are looking for a feature similar to master pages in a Java web framework.
http://tiles.apache.org/framework/tutorial/basic/pages.html
gives some basic examples using Tiles and JSP to implement something similar with Struts, a Java web framework.  In this case, the Master Pages functionality is a plugin on top of Struts.
Velocity is a generic templating engine, not specialized for web pages and definitely more complicated than you need.  (I've seen it used for code generation.)
Tapestry is more of a full featured web stack than Tile, and is probably good for your purposes.  Its templating functionality involves creating a component and putting all common markup in that.  An example is at
http://www.infoq.com/articles/tapestry5-intro
.
The specifics of this differ based on which Java web framework you choose.