Mike:
As in most things in life, it depends. The one bunker on your other thread -- the very shallow one in the first picture -- may be well-placed, but it'd rather be in that than in a similar position with 3-inch rough (I say that as a probable 20-handicapper these days).
The reason I say that it depends is that bunkering questions always, to me, bring to mind how Langford used them, particularly at a course like Lawsonia. Now that's a course with some penal fairway bunkering -- deep, with high lips, making it hard for even the single-digit handicapper to reach the green. But they are obvious targets, and Langford provides plenty of width in his fairways to negotiate your way around them, even with a high handicap. They are often (or can be, depending on the flag position for the day) on a direct line between tee and green, so the low-handicapper can take them on, so to speak, knowing the risk of going in them. The high handicapper can tack his way around them without undue penalty.
I've seen other modern architects with a similar take -- Illinois-based Greg Martin comes to mind, as someone who builds what can be some penal fairway bunkers, but provides room around them. I'll try to post some examples.