Tom,
My main concern wasnt scoring, but more as an alternative and variety to what seems to me to be an overwhelming urge to bunker green complexes as well as the added pressure on the maintenance budgets. (believing that hollows wont cost as much as bunkers)
Aesthetically, yes, maybe it wont stand out as much, but I believe that if you contrast the use of the fairway / approach cut hollows and the thicker grassy hollows combined with some sand, then the visual will be equally as powerful.
From a playability point of view I take all your points - yes, the tighter areas are equally as frustrating depending on the elevation change from the hollow to the flag. I am a definate advocate of using all the clubs in your bag.... especially around the green!