Adam,
I am not sure about that. I think hazards become more moderate when designed for stroke play, no?
For average players no one wants to punish them. If they top it off the tee, not getting to the green in two shots is plenty punishement.
For decent players, the question sometimes comes up in a couple of ways - for example, with flash bunkers, often a player who missed the green by 5' is buried, but the player who misses 20' right is on the bunker bottom with a good lie. I can understand why that doesn't make sense, although, depending on the arrangement of hazards, say with none on the other side, its sure just as logical to punish any miss right severly.
Thomas wrote about the fair green BEHIND The green on long par 4's, reasoning that a long iron miss over the green was really a better shot than one coming up short in the fw approach in front of the green. Also makes some sense.
Proportionality is also what drives the long shot - big green (or wide fw) theory of design. There is statistical evidence that its somewhat necessary. At the same time, many gca's raise greens on short approach shots to make bunker shots harder when the green is missed, vs a long par 4. Also makes some sense, but is rarely consistently done because a) landforms don't always cooperate, and b) its really too much too think about consistently when very few will notice and you might make the course too hard for the average fellow.
Of course, the whole idea of graduated roughs is based on proportionality.
Overall, its not bad, but I don't think it should dicatate all architecture, like any other good idea that becomes "standard."