Tim,
You sum it up perfectly.
I will add that we should either match the chipping areas to the distance between sprinklers (usually 65-70 feet) and keep shapes simple, or as you suggest, add a bunch of sprinklers to really make it work.
Which goes back to Tiger's original question, I guess - is all that expense worth it to maintain the "options" in chipping when you miss a green? At the US Open, sure. At your home club? Possible a different story?
If you do it once, do you need to do it all 18 greens, or for variety and expense, is two times enough to keep some theme? four? Six? nine?
Of course, the next big trend will be sand capped, drained, USGA front approaches, so any upgraded areas beside and behind greens should be very carefully considered for cost. IMHO, in reality, most courses would do better to consider chipping fw areas 2-4, maybe 6 times, and focus on doing those where it makes most sense and then build them right to make sure it works.