Bryan,
My guess is that it doesn't effectively play less than 7,000 yards, but, so much is dependent upon the firmness of the fairways and wind conditions.
Two courses in south Florida, Pine Tree and Boca Rio have routinely played in excess of 7,200 for 20+ years for their members and guests, and I can attest to the fact that you won't get much roll in June, July and August.
So far, it appears that the additional 155 yards hasn't had a material impact on play.
Those guys are really, really good.
P.S. I've noticed golfers teeing off with three woods on a number of holes, including # 10, so apparently players feel comfortable throttling down.