Rich & George,
The Cashen is my favorite place in the world. Whatever its architectural merits, the land has a spiritual quality I haven't found on any other golf course.
As for the local members, initially many didn't enjoy it. But, gradually over the years it seems to be enjoyed more. Ballybunion has many club events and it seems members are just as happy playing the Cashen as the Old.
Also noteworthy: while the 2000 Irish Open was played on the Old course, I'm pretty sure the Kerry Boys, a prestigous amateur event is usually played on the Cashen.
As for changes to the course, there have been some over the years, mostly to reduce the severity of certain features and to make walking easier.
I had planned to visit in December to check out recent discussion of changes, but my Mom has been quite ill forcing me to put off the trip. But, if I'm able to make it over soon, I'll try to report any news.