Shivas,
The "worst" thing during the boom was the entry of a lot of new poorly run courses to the market that were either subsidized through a development of simply given too much capital by some lender.
Consumers benefited from overdevelopment, more courses and lower prices.
The last couple of years has seen an adjustment and (last year) a net DECREASE of course openings. Tougher times weed out those operations that should never have opened in the first place.
For owners this is a good thing and ultimately for golf it's good--you need golf to remain econmically viable. While I am not in the daily fee market, it has been very hard hit in my region and many of the CCFAD have converted to privates in order to have a dues stream. Crooked Creek, White Columns, are two I know of.
Very high end clubs are doing well (and always will) and lower end clubs are doing OK. The ones in the middle are getting "whipsawed" They are not nice enough or fancy enough to make the jump up to the "big boys" and people know it and see that they haven't "arrived" yet (and maybe never will). These middle clubs do have just enough "fancy" in them that their expenses are high and they find it hard to drop initiation fees, drop fees, lower quality and try and be competitive at the "lower" threshold. Once you're used to spending it, it's hard to throttle it back.
Metropolitan CC, Centennial CC, Lanier GC, 9 holes at Berkely Hills CC and a few more to come have all been lost to development. Another course, Horseshoe Bend CC that once comanded an ID of $22,500 (still) has monthly dues of $475 and once held a Senior PGA Tour event has just emerged from a bankruptcy that was applied for to avoid foreclsure!
Good, affordable golf is hard to come by. Those that can do it will have an audience for sure but when consumer expectations get so skewed (I call it the Wal-Mart effect) that they expect prices to drop! year to year, well in this industry with so many high and ever increasing fixed costs, you can't have it both ways--cheap and consistently good. Players' expectations at very affordable prices have to be in line.