Andrew,
Great topic. Whenever courses get discussed here, I think they get compared to the top 100 and tournament courses, and we already have enough of those. Not every course needs to be designed for the1-2% of the players who achieve elite, low handicap status.
Rather than say the design is diminished, I say the design is targeted and GREAT for the average player. If it doesn't make too many lists, that is okay. If 30-35K golfers enjoy it regularly, that is ample testament to its design, no?
That said, I agree with Joe. Standards do go up and the low end course of today must be better architecturally than the low end course of 30 years ago, or it won't compete. It does need some bunkers, etc. But it needs less, and to keep construction costs down, it needs 6000 SF greens without a lot of contour rather than 8000 SF with a lot of contour. It needs 40K SF of bunkers and not 80-140K SF of bunkers. Those bunkers need to be tuned for machine mowing, flat enough to keep play moving and reduce washouts.
The sad part is, those kinds of numbers are long established here in the US, and in some way, it sort of contributes to the "standard look" that many here despise, or at least are getting tired of. But, I think it still works.