I like deep, penal bunkers, as well -- though I agree with the comments that not every bunker on the golf course ought to require a stepladder to get in and out of.
Arthur Hills has designed unique (to me)fairway bunkers on his Chaska Town Course in Chaska, Minn. (near Hazeltine, with which it will share qualifying rounds during the 2006 U.S. Amateur.) Rather than burrowing deep into the ground to trap errant shots, most of Hills' fairway bunkers are almost completely flat -- but with a steep grass-covered mound on the far side of the bunker than creates the same effect as having to clear a high lip. Your ball tends to roll through to the end of the sand and come to rest just short of the mound. From that lie, your only shot is a wedge, regardless of how far you are from the green.
Regarding the allegation that "feminization" of golf has been a chief cause of the reduction in bunker depth: I can't dispute BCrosby's first-hand claim that he knows of a course where women had bunkers removed, but that must be a remarkably egalitarian club compared to most I'm familiar with. Women continue to be snubbed and ignored in myriad ways at most golf clubs; my wife's golf league can't even get the main dining room for their annual banquet, much less get a bunker removed. It's my experience that men do every bit as much whining about "unfair" hazards and conditions as women, and they have far more clout.
By the way, a bit of "feminization" that wouldn't do the game one bit of harm would be to get rid of those dinky little ponds in front of tees on par 4s and 5s, which are designed to do just one thing: frustrate and embarrass novice golfers -- including but not limited to women -- who tend to top their shots. Why, except in the name of cruelty, further penalize a 20-yard foozle?