I wonder if anyone that never actually played them can imagine how grainy bermuda greens were 60 years ago, in Africa or the U.S.. The grain found today in the muni circuit of South Florida probably doesn't hold a candle.
That being said, and moving the conversation to today, the focus has been on removing all evidence of grain on bent grass greens for a number of years. From my conversations with a couple people that seemingly would know I think blade length can[/i] correspond to root depth, which should then correspond to plant strength, which should then correspond to viability in drought conditions. Assuming this is correct to some degree it would seem that grainy greens (even if it's only a little grainy) should help enable the greens to play firmer here in the Northeastern USA.
For those that have not played there (Brian Phillips), check out Huntingdon Valley at your next opportunity. The grain program there produces a green surface that will compete well (on the grain strength argument) with any of the higher end clubs in Florida. The picture Wayne posted shows the different colors (Mark Fine; take another look, this time with your eyes open). One thing I can tell you is that every bit of grain on these greens goes downhill, the sun has absolutely nothing to do with it. This is good and bad if you ask me.
The challenge of reading grain that goes uphill, cross hill and switches a few times in the course of a 30 foot putt is high, but I see that as comparable to dealing with winds that effect the ball two or three different ways while it is in the air. It increases the challenge, sure, but does it improve it? I'm not sure.
I have not played Merion in 7 or 8 years, but do not remember a substantial grain at that time. I think the current superintendent (who my have just started when I was last there) is more in favor of this approach, but at a high profile club it might be more difficult because the trade-off is a perceived lesser quality surface due to the occassional bounce when putting into the grain. If a green can be kept equally firm without grain as HVCC's are with grain, I would probably choose no grain but to my knowledge that is not the case. As such I would choose firm and grainy greens.