The tennis analogy is indeed an interesting one, but one that may be too early to draw conclusions from. Sports tend to go in cycles in terms of styles, and tennis may be in one now. In baseball in the 60's it was a power game until rules changes brought back pitching late in the decade; then speed and defense ruled for several yrs. In the majors this yr., I think around 55 stolen bases is going to lead the majors; that wouldn't have been top 5 in Brock or Henderson's heydays.
Tennis may (or may not) see a stylistic change away from the current way the men's game is played, but for me the problem with watching tennis now is not the serve or the power game. You'd be hard pressed to find a more dominant serve than Gonzales in his prime, or than Ashe when he was on, or Sampras, but they weren't boring to watch. A lot of the problem with tennis seems to me to be the disorganized nature of the tours (who knows what the tournaments even are besides the 4 Slam events) and the personality-less nature of the players.
Having said that, I do think that equipment change has hurt tennis, because the big rackets simply cannot be controlled off the ground without excessive topspin, and that just limits the stylistic possibilities. Rosewall's backhand was flat or slightly sliced, and that is really hard to do off a giant racket face. Too early to tell, though, if the pendulum will ever swing back or not. If somebody starts winning with a smaller racket head design, which I don't think is out of the question, then we may see a return to days of yore.
I'm very conflicted as to how any of this applies to golf. I don't think we will see players EVER go back to small clubheads. I still think that the need to work the ball in golf can be influenced by GCA, and that is where golf differs from other sports, as pointed out by mdugger.