I agree that carry is the much more important statistic to examine. In fact, I'd take it one step further and say that I'd like to see the USGA focus on carry if they ever choose to reconsider the distance limitation.
However, carry is a difficult thing to reasonably discuss, because there isn't much data readily available on how far these guys are carrying it. A discussion on carry might turn out to be even more anecdotal that the discussion on total distance.
That being said, if we could accurately track carry, I think we would find that gap between carry and distance today is much smaller than the gap between carry and distance in past eras. (To put it another way, yesterday's golfers relied more on roll for their distance.) That is my understanding of how this new equipment is supposed to work.
Tom, I also agree that the distance of single long drives (376, 408, 358 ) is meaningless. But, what is meaningful is that these guys are putting it on parts of the golf course that have never been reached before. For example, the measures of Ernies drives on 15 at Kapalua don't impress me, but the fact that he hit it far enough to take advantage of the roll down the hill certainly does. Those who have played the course might agree that this hardly seemed possible.
Matt, I've never been to Augusta, but I always thought 5 played uphill. Also, I think it is 315 yards to carry the bunkers on 5. I don't know that anyone carried them, but I think some golfers flew into them, including Phil. Uphill, I assume this must be around a 300 yrd carry.