Ken - sure - it just depends on WHERE in the bunker one's ball ends up. Get in the middle, away from the walls, and you can take a lot of club... oh, it's hard to believe you'd ever get a situation in which you'd be able to hit a wood or low iron, but I can see hitting 4iron and up if one gets lucky. Of course it's going to depend on the bunker - they're not all the same, obviously - and the shot length required - but it's not like being in a fairway bunker means automatic certain pitch-out.
On the other hand, get up near a sod wall and ANYTHING is possible - backwards/sideways playouts, unplayable lies, multiple attempts before escaping....
Which of course is among the things which is going to make THE OPEN so fun to watch this year....