I wouldn't say I've played a course with fairways that are too wide, but I've played holes with fairways that are too wide. 14 at Wild Horse, for instance, is just arbitrarily too wide for me.
Like others, I like some sort of emphasis to be placed on the tee shot. When a fairway is too wide, the only challenge becomes hitting the ball on the shortest line. I don't care for holes that are so wide open that it's hard to pick an aiming point. Some good bunkering can make even the widest fairways work well though. I love the Dunes course at The Prairie Club, for instance, in spite of its 87 or so acres of fairway. I always felt like you still had to focus on every shot even though the fairways have lots of width.
Sometimes I think we put too much emphasis on angles. Watching guys play The Masters, its clear that having bad angles of approach into greens just doesn't hurt that much anymore. It's so easy to play the aerial game and stop the ball fast that width often risks only being strategic in theory but not in practice. On a more practical level, too much width is expensive to maintain. I might never stand on a tee and think "This fairway should be narrower," but I also don't have to manage a maintenance budget.