Phil,
If Furyk laid up with an iron and missed the fairway, as many players did thanks to that spine running down the middle of the fairway, he'd have been in a worse position than he was after his tee shot.
I think his mistake there was that he was not playing to the fat part of the green because he didn't trust his ability to two putt a long putt. I have no idea why he was playing to the right of the pin, I don't know if he was trying to leave himself a makeable putt but it sure didn't look like he was playing safe and thinking 4 there like he should have. He had to be thinking that if it jumped on him he'd be in bigmouth laying three and that shot is just too hard if you know that you are screwed if you hit it short or hit it long. IMHO the correct play from where he was would have been to play for the back right of the green and try to two putt from 60 or 70 feet. Going long there wouldn't be a big problem with so much green to work with and some ability to control the ball on the slopes.
He did mention that he was surprised how far his ball went on 17, I think he was trying to just lay up a driver short of the green. That's an error on his caddie's part, who should have known he'd have a lot of adrenaline in his system and he should hit a 3W for a layup or hit the driver with the intent of going for the green.
I was thinking all day long that if I were there I'd just aim at bigmouth because it looked like a pretty easy up and down, but it must have been slicker down that hill towards the hole than anyone realized because every player seemed to do what Tiger did and went too far and off the green past the hole. I always think if I was Tiger or Phil or one of the other mega rich pros I'd station one of my posse on every green and look for things like that that everyone is doing and have them relay that information to my caddy on each tee so he can clue me in. Assuming that's legal and doesn't constitute illegal advice, that is.