I have never had much luck with the "by laws" way to go. There are just too many ideas floating out there to enforce it.
I have always favored 2-3 year maximum time frames, with one year being ideal. I know that isn't possible, but most projects seem to stall out and lose momentum and direction.
As to Mike Young's comments, I see a lot more MP's tied to some kind of financial accounting/business plan to get some assurance that the money spent will actually get paid back (albeit, this is more in the public sector, but with a few private clubs doing it as well. Someone posted a plan from NC here that started with a "vision statement" of where new members were going to come from, retention rates, etc.
Overall, MP's are getting a lot more detailed than in years past. Even on "design only" I have seen master plans start with a comparitive analysis of conditions benchmarked to other clubs. The point is to show members that the best club in town rakes bunkers 7 days a week for $250K per year, and if you want to match that, this is what the super needs to spend. Again, is that your vision for the club, adding XX to everyone's dues for "perfect bunkers" or do you want less? Will it get you new members if you are a mid level club, etc. In other words, the old cost value benefits study.
Even on pure design issues, environmental/maintenance audits are becoming far more common, since evironmental sensitivity is typically a must.
And, I see a lot more design detail up front. One architect told me that he does complete grading plans now as part of the MP (or at least bulk grading) instead of just idea sketches (maybe not needed every job) After years of being asked if he was "sure" about cost estimates, he (and others) figured it was better to do more work up front to satisfy the desire for real bottom line numbers.
You might end up with architect leading the biz, enviro, turf, arborist and maybe a few other consultants in the door, all asking really nosy questions! That may seem overblown, and its quite possible that these clubs are just" paying more to ignore" some good design solutions. So, it may not be your fathers master plan anymore. That master plan would probably be called a "sketch study" or course evaluation, or maybe even a two day site visit with some ideas. And that may be all you need.