The greatness of Augusta National as a tournament course, played at the Masters, is its ying and yang -- that birdies and eagles are as likely outcomes (often on the same hole) as bogeys and "others." We've seen a bit of that -- McDowell going 5-3 on 12 (double bogey) and 13 (eagle) yesterday. Augusta's width and green contours have always struck me as enabling aggressive play, well executed, that can produce low scores, while at the same time (combined with the threat of water on much of the back nine) threatening the ill-considered, loose, or too-bold play with bad scores.
I do agree the conditions seem a bit soft this year, thus seeming to negate the potential for the yang while yielding lots of ying.
(And remember that some of the fondest memories of Augusta, and some of its most exciting finishes of modern times -- Nicklaus' '86 back-nine charge, Lyle out of the bunker on 18, Mize's chip-in, the O'Meara/Duvall/Couple back-nine battle in '98 -- all were tournaments in which the winning score was higher than -10.)