There have been some pretty good thoughts posted above. As far as all of the ones that have indicated that this might just be a back-door attmept at a ball rollback by forcing tour players to demand of their sponsors that they give them spinnier balls, I say, "Maybe." But I am really not sure that spinnier balls will equate to shorter driver distances.
I think the bad in this outweighs the good.
"THE BAD" LIST
1. This business with grooves distracts from the serious debate over golf balls.
2. Any rollback on clubs has the potential to hurt the business of recreational golf and recreational golfers more than elite players, who pay nothing for clubs and who have no recreational golf budget. A ball rollback would have been painless to consumers. Nobody has bought their 2010 golf balls yet.
3. The way to make things palatable to recreational players is with long grandfathering periods. That's what we'll get in this case. Which is just a longer period of confusion, uncertainty, and bifurcation.
4. The question as to how does anyone measure grooves is a good one. What will clubs do in ten years, with players in a club championship with various old wedges? Rules on grooves, rules on lofts, rules on CoR or CT, rules on MoI; these are all incomprehensible and virtually unenforcable if we were to rely on local associations and local club professionals to enforce them. Balls are infinitely more fungible, and harder to alter than clubs.
5. Emphasis on grooves, and the imposition of penal rough as the main line of golfing strategy is just really, really bad for the game. Deeper rough is antithetic to much of golf course architecture. Heavy rough slows down play. Heavy rough presumably requires more water.
So what would "THE GOOD" List look like? A lot shorter, I'd think...