I have 3 things to say:
1. First, with respect to the Valley of Sin, if I'm setting up the course, I'd strongly consider placing the pin as far back into the green as possible if the hole is played into the wind and as far forward if it's downwind as both pin placements would seem to put a premium on distance control. Into the wind, with a back pin, you have to worry about going long if you're getting aggressive for a birdie. So the player keeps it down and along the ground, making distance control even more difficult due to negotiating the Valley of Sin. If the hole is playing downwind and the pin is way up (as it was for a few days in this tournament), the player must either come in from an extreme angle (left or right) or negotiate a short pitch and run or putt through the Valley of Sin to a very narrow landing spot.
2. Regarding the idea of a lot of bunkers being out of play for the professionals, I still maintain that part of the course's genius is that a player may never notice a certain bunker until he gets a different wind and unsuspectingly finds his ball smack in the middle of a bunker he had no idea was there.
3. I chuckle at how much play this idea of the Old Course being an antiquated test is getting. Folks, let's not forget that save for 1 player, no one finished lower than -9. By comparison, you had 5 people finish lower than that at the Masters and I have yet to hear anyone call for Augusta National to be replaced. I've heard people complain that if the wind didn't blow then this would have happened, or if so and so had putted better then that would have happened. Such are the vagaries and rubs of green that are ever present in links golf. It's why links golf is so much more interesting than the slog-it-out target golf that so many of us Americans seem enamored with. We (all golfing observers included) complain for 51 weeks a year that tour courses are boring and lack creativity or strategy or options, yet when we get some of that and our ideal world isn't 100% perfect, we complain that it's too easy.