The other items that is critical is the budget for doing such a project. Certain restorations/renovations turned out great in the last 10 years because the clubs had the money to do it right. Cal Club and Los Angeles CC spent around $10 million for each. Imagine if those club only had a $4 million budget?
Joel, when you start adding in irrigation systems with every possible gadget including a network of sensors, sub air units at every green and heating/cooling systems at every green, and all the expense associated with that including the power supply, you can rack up a lot of "non-architectural" expenses. I do not believe a club needs to spend 10 million on a renovation, but you can certainly get there if every tee and green is built to some crazy spec, fwys need to be sand capped, and you need every available appliance. Heck, you could probably go higher then 10 million if you wanted to. But saying a 10 million renovation is automatically better then 4-5 is not a statement I'd agree with.
I think the manner in which a club wants to renovate/restore should also be considered. If your going to just shut down for a year and tear it all up, then I can see using one of the larger construction companies and a more traditional architect...(create construction docs, go to bid...etc...) I'm still a fan of firms who use employees as shapers/design associates (or at least the same independents time after time) but I can understand using a larger company when your in a hurry.
But if your going to do the work piece by piece, hole by hole, I think your much better off going with the architct/shaper and using a small contractor to help fill in. The large construction firms are all about getting in and getting out and they'll kill you with mobilization fees if they have to do much starting and stopping. There are many very talented guys out there who would fit in very nicely with a renovation where the club pays as they go and the timeline is a little longer. As long as you hire the right person to lead the effort, this isn't a terrible way to get some quality work done without going into debt.