Those pictures just make me sad. While some GCA geeks might look past the conditions, I'll bet 99% of regular Joes will feel ripped off no matter how cheap it is. And you can bet they will "tell a friend".
Nothing is truer in Golf than "you never get a 2nd chance to make a good 1st impression". And, when your competition is not a 2 hr car ride (with $gas prices what they are) and in much better condition, all you are doing is losing any goodwill you might have.
Before I expended what little resources I had on bunkers, I think I would be out there plugging in theose bare spots. Granted, the Bermuda probalbly won't take off and start growing until May/June. Heck, even covering those areas with something like a Futerra Erosion control blanket would at least hold the plugs in place and protect against dessication and at least show the golfers that you are trying to make it better.
Golfers don't know grass A from B and don't know when one will grow or wont. All they know is what they see. And if they see dirt and stones where there should be grass, you got an image problem. But most will give youo a pass if they see you are trying to rectify the problem.
I believe, contrary to what experts say, that always doing a project on a course is a good way to show the paying customer that you are reinvesting his greens fee into the course, not just putting it in your pocket.