The argument that it's fair because everyone plays the same course is correct, in my view, but "is it fair?" isn't really the right question. After all, you could say the same thing about a course in absolutely horrible condition -- because everyone plays the same conditions, it's still fair even if you can't make a 4-footer because the greens suck.
The better question IMHO is to ask whether the conditions are optimal, excellent, good, ok, bad, or terrible. From what you've said, it sounds to me like they are pretty terrific. But Mark S's questions also seem relevant to answering that question.