There are lots of projects- (I would define a project as a course marked with flags)- out there but it takes a real commitment and dollars to move dirt and build a course.
Imagine if you will, Wicked Pony completed so that Bend is now Pinehurst West with lots of good courses.
I also wonder what will come out of this slow period in golf construction that will be remembered 20 years from now. If you go back to the last slump of 1989 to 1994, there were still some great courses built (Shadow Creek and the Ocean Course come to mind). And then we had the surge from 1995 to 2006 where hundreds of so-so golf courses were built. I know we won't have that many built in 2011 to 2020, but we might just have better courses built rather than so-so courses.