I agree with Pat, the concept is interesting but needs to be applied on a course by course basis. Where there is little topographic interest, the course better have some interesting hazards to create strategy. Where there is dynamic land movement, there should be some restraint, allowing TEP's so-called "gravity golf." Shinnecock Hills is a great example of this. In the flat portions of the property there was a great deal of formal bunkers and undulating sandy waste areas. In the more topographic areas, there is much less.
I think the bunkering around greens by MacKenzie seems too much, except at Cypress Point where it was more in character with the site. At Pasatiempo, Augusta, Valley Club, etc. it was taken way too far.
I think the Tillinghast/Jones bunkering at Bethpage Black was/is excessive in terms of the scale and domination of the landscape. Way too much bunkering on interesting ground.
Pine Valley has among the most acreage of sandy waste areas and it was perfect (now too groomed). Shinnecock Hills, Boca Raton South, Indian Creek and others had a lot of sandy waste areas but they fit the surroundings. Sand and undulating sandy waste areas aren't inherently bad, it is how they are used that causes problems.