Jon:
I don't see the changes at Augusta as necessarily being an either-or/black-or-white situation. I have favored the lengthening of some holes, particularly 13, 15, and 18, to keep up with technology. I also think, given recent trends, that the course ought to consider lengthening 12, given that it now plays as the easiest of the course's par 3s and seems to hold not nearly as much terror as it once did (lots of players hitting 9-irons there).
But I think some of the changes on the par 4s, mainly lengthening and tightening (7 and 17 come to mind, as well as 1 and 10) have created a course that lessens the chances of the kind of birdie/eagle runs seen past years by folks like O'Meara in '98, Jack in '86, Price in '86, and even Tiger in '97.
Because the course keeps its green speeds so fast for theMasters, and those greens are what they are, it seems as if Augusta can get very close to being over the top in terms of difficulty with challenging weather conditions. I don't think Sunday as over the top, but it was close, and -- more importantly -- in those conditions the course is simply too tough to make a sustained under-par run.