We have a lot of marked hazards on our course, and I understand exactly where Cory is coming from. In order to minimize the look from a distance, I rely mainly on the turf paint and have the stakes positioned only at key areas so the player can judge things. One trick I use is that we plan it so that the change of cut from the maintained rough to the native areas surrounding the hazards is the defined edge, so if I paint it lightly and less frequently, then if it happens to wear out for regular play, my members still understand where the intended line is. Also, I try to mark as much as I can either running or from the cart, so that the line is thinner and a can of paint goes further (not to mention the job goes faster too).
As far as marking long grass, I only do it when it surrounds a hazard. However, I am liberal on a few occasions if it would be difficult to determine whether a ball was lost in the long grass or the hazard. In that case I mark the long grass so the player at least can make a proper decision.
If my first attempt at an attachment works, then here is an example of one of our hazards. I lightly paint the rough/native line, and as you can see there are very few stakes visible.