As far as speed of play goes, the Georgia State Golf Assoc. has allowed them and continues to allow them because our experience has been that rangefinders in our competitions have sped up play.
The decision/rule that allows fellow competitors to share information regarding yardage has also helped.
I hate the things but I now own and use one and have seen the positive effect on tournament speed of play. It is only a matter of time before you see them in USGA qualifiers and beyond.
Chris - We have authorized the use of range finders in SC Golf Association events and they have absolutely increased the pace of play.
Golf has always incorporated distance aids in the playing of the game.
When I began playing golf there were no yardage indicators of any kind on any of the locals courses I played, public or private. But, everyone I played with knew the distances from various landmarks to the center of the greens on these courses... 150 from the big oak on #6, 175 to clear the pond from the third fence post on the left of #13, etc, etc, etc. This information was collected from various sources (including personal experience) and often written down in little notebooks that we kept in our bags. This information could really give one player an advantage over another who had not played a given course often enough to work out the yardages. Sure, you were often faced with shots that required some serious "eyeballing," but if you played a course regularly you quickly figured out the distances of the most usually encountered shots.
When 150 yard "bushes" began to appear they lessened the advantage of "local knowledge." The same with the fairway discs that started to appear a few years later marking 200, 175, 150, 100, etc... these markers just provided the same information to everyone that had previously been known to only the regular locals.
I can appreciate the argument for "natural" golf without any artificial distance aids, but would that include my doing away with the little notebook filled with "local knowledge" that I use to carry? If not, what's the point of eliminating distance aids? What's the difference between my knowing that it is 150 yards from a tree or 150 yards from a disc in the ground... or 150 yards from a handheld device?