Tom H,
I can only think of one example of courses playing "too firm and fast" -- at least as it applies to the fairways -- and I'll get to that in a minute.
The greens, as we've all seen at Pasa can be too fast without doubt. A few years ago I played Pasa, and I seem to recall a term that I think you invented: Perpetual Putting. Sheesh....
But the fairways are another story entirely. Anyone who has watched an Open, or played those courses know that one day a par 5 might be a drive and a wedge, and the next day TWO drivers and some club other than a wedge. There is nothing wrong with that.
As Tom Doak said, a great course can withstand any of those playing conditions. And the real core of F&F is the strategy that is enhanced by the conditions, not negated by them: the utilization of, or damage done, but swales, contours, bumps, etc. F&F conditions enhances and magnifies those design elements.
A few years ago on my home course they lost the ability to control the watering, resulting in very fast conditions. Anyone who played the course in those days knows A) how much fun it was and B) how much more the contours became a real consideration in all areas, driving the ball, approach shots and around and on the green. Doglegs became particularly problematic.
Locally, the only time I saw overly F&F condtions was during a drought year. At Tilden Park and Crystal Springs, which both have severely canted fairways, it was next to impossible to find a fairway with your tee shot. Even shaping the ball one way or the other to minimize the roll left or right, you could not hold the fairways.
Think the 17th fairway at the Olympic Lake Course during the '87 US Open.
Other than that, I think F&F is always preferable and ultimately more challenging AND fun.