Anybody remember the Payne Stewart story? I'll take a stab at retelling. When he first went out on tour Stewart one day noticed that his caddie's yardages all ended in 0 or 5. So Stewart asked his caddie, "How come every yardage you give me is 160 or 165 or 170? Can't you be more accurate than that?" His caddie looked at him and said, "You're not good enough for anything more accurate."
Then the one about Bernhard Langer. Langer's caddie told him he Langer had exactly 167 to the center of the green, based on a sprinkler head with yardage near where they stood. Langer asked his caddie where the plaque with the yardage was located on the sprinkler head. The caddie didn't quite know what Langer meant, so he Langer explained. Look at where the yardage was located on the sprinkler head. He Langer wanted to know if he was 167, or 167 plus or minus 5 inches to the center of the green!
Then one of my favorite images is from one afternoon where we sat on a bench in the shade and watched a player in an adjoining fairway get totally anal about obtaining his yardage. He was in a foursome (it was a HOT day) and he marched up to a sprinker head about 20 yards in front of him, stopped, planted both his feet, did a pirouette, and began to march back precisely to his ball in big surveyor's steps. You could tell it was driving the other guys in his group crazy, because it was the 15th hole. He was wedge distance, about 110 into the pin. The player, now with his precise distance, took several practice swings then got in behind his ball to do the pro-set visualization, then stepped-in and addressed the ball.
He chunked his wedge fat about 20 yards in front of him and the ball came to rest right at the sprinkler head where he'd got his yardage. At least he didn't need to pace off distance for the next shot. He had 90 left into the pin.
Personally I like to know my yardage into a green. But just give me a sand cherry shrub at 150 yards and I'm experienced enough to eyeball how far I have in relation to the 150 marker. I'm not good enough to deserve anything more accurate than that.
When your average Joe Player needs a yardage of "234 to the front edge" I'm with Dan King. To the extent that your average golfer seeks out that level of precision, and other have to wait for him while he gets it, objectively speaking he's slowing up play.
Whenever anyone asks me for a yardage I'll tell them whatever it is, as exact as possible: 137, 158, 172, whatever it is. If it speeds up play I believe in giving the golfer the "precise" yardage he think he needs.