Actually, the restoration of 16 increased the number of available pin positions. Of course, pin positions on 16 have a lot to do with green speed, and the club has made a conscious decision (encouraged by Tom and Jim) to slow them up...at speeds above 10, they simply aren't as fun to putt.
Here's the scoop. The restoration of 16 put back a pretty wide swath of putting surface all around the green, with the largest area in the back right. So back right is now a good option for pins, and the puttable area in the back has increased nicely. Further, the club has always used 2 distinct middle pins on 16, both before and after the restoration. One area is on a shelf on the left, the spot that John mentioned, easily the most difficult pin on the hole. The restoration added more puttable area in this pin location, making it more fair...it's a tough spot to hit it close, even with a wedge. And the other spot is middle center and middle right, in front of the top shelf, with a backboard. Again, the restoration added more green to the right side, increasing the puttable area and the number of places where a hole can be cut. I've seen these middle pins used about 40% of the time post-restoration, with back pins the remaining 60% of the time.
Finally, the restoration did increase the area at the bottom of the green in the front. Several of us at KP looked at this area and agreed that a pin can now be placed in the front, there's a (small) flat area there where there's room. It would be a very interesting hole location, tucked just over the bunker and barranca. A golfer could fire at the middle of the green and let the ball come all the way down to the front, but that would involve a risk that the ball would stay on the middle shelf, creating a near impossible putt.
I agree that, percentage wise, it has a fairly small puttable area...but don't forget that the top shelf is pretty long (and now wider)...when you combine that whole area with the two middle pin areas, it's probably bigger than you realize, particularly post-restoration. As a percentage of the overall green area, I'd say that it's comparable to #8 and probably larger than #11 pre-restoration.