Well I hit one well over 300 today (hole says it's 515 and I reached the 150 yard marker, but I swear the hole plays way shorter than that yardage), I think the guys in front were a little choked I hit up into them but considering where they were I had no business even reaching them really. Almost canned an 8 iron from there for an Alby, but the eagle helped me break 40 on the back and I still shot an 83.
Moral of the story: Distance means nothing for scoring without skillz and consistency.
Now if you mean is distance ruining the Pro tour, well yes, sure it is, but for the casual player if it allows you to do what I did above on the odd occasion it's actually a pretty good feeling amidst what is generally a futile and frustrating endeavor.
PS, Driver is a 10.5* 975 D, ball was some slightly scuffed up Top Flite XL2000, and yes there was a decent wind at my back as well.
Pro V's definitely do fly off the face quick, but for how many balls I lose playing I can't justify shelling out for new ones all the time, so I just play whatever ones I can find when husking.