Reducing the number of clubs for elite players is NO answer to the current problem of technology-produced distance. Period.
If you reduce the number of clubs in the bag, it will only increase the importance of, and emphasis on, bomb-and-gouge, driver-wedge, style of play. Period.
As stated by several others above, it is a dumb, romantic idea with no application to the real problems of elite players obsoleting classic championship courses. (Or, worse, forcing horrific design changes on those classic championship courses.)
On the other hand, for most of us recreational players, there is no problem with our "obsoleting" anything. We can all be severely challenged at Maidstone or Skokie or Scioto or dozens of other clubs that have hosted major championships in the past but cannot do so now thanks (no thanks) to equipment technology. And for us, it can indeed be a delight to play with as little as seven clubs. I have a seven-club bag that is one of the greatest pleasures in all of golf for me. But it has nothing to do with the technology debate.
I can assure you all -- the three most important clubs in JB Holmes' bag, and the last three that will come out, are driver, lob wedge and putter. If you removed from his bag half of the other clubs in between driver and wedge, Holmes would just laugh and say, "Fine by me, ya'll! Let's play!"