Mark,
Conceptually, you are probably right that fw bunkers are probably past their prime. Golfers aim at 2 acres of fw, and you put a 2000 SF bunker somewhere near it, its a low percentage of balls going in. Greenside bunkers don't have that problem.
FW bunkers are probably used more for framing and turning than real hazard, or at least that's how they turn out to be used. I find I use them when they serve more than one useful purpose, as in hazard plus, aesthetics, dividing, saving, turning and framing, etc. Not as worthwhile when they only do one thing for the design.
I'm just not sure everyone will accept no fw bunkers, just for visual reasons.