The wedge issue will take care of itself if the ball is dialed back. With less distance on the drives, less selection in wedges will be needed and the regular irons will be more in play for approach shots.
Ralph,
If the ball goes LESS distance, wouldn't that result in MORE greens missed? And wouldn't that result in a GREATER need for selection in wedges?
(I put question marks, but I not really asking...) 
I thought the same thing, but then I considered that one of the reasons players can add wedges is that they rarely face a long-iron shot any more.
Perhaps Ralph is right, with shorter ball, the need for more long clubs will make them face a more difficult choice in set makeup.
K
Thanks, this was my thinking about the wedge. I figure most guys missing the greens will really only need to choose between a couple of wedges. The only other problem is the "loft wars" in that everything is getting shoved up, Irons will go extinct and players will have sets of 8 wedges.
Unless the ball is dialed back..
The reason guys "can" add wedges is because they have to! 1 irons and 2 irons are dead as irons have been delofted due to perimeter weighting (great post elsewhere by Pete Lavallee on this). Consequently, the gap between the PW and the SW has become huge, giving birth to the gap wedge, and still leaving room in the bag for the lob wedge.
As to nobody facing long iron shots anymore, either you guys are way longer than I am, or you're watching way too much golf on TV when you ought to be out playing!