My home course put in A4 greens and A1 tees and fairways a few years ago. While they do have to water (syringe) it a bit too much during really hot weather (exacerbated due to the height of cut) it can do really well with very little water so long as it doesn't get excessively hot. For some reason they kept it a lot drier the first season they had it and have given it more water the past couple seasons. I'm not really sure if the weather has required that or if it was done due to complaints for less skilled golfers being unable to hold the rock hard greens we had that first year (that was so much fun, but probably not for a 20 handicap)
One thing I've noticed versus the generic bluegrass fairways we had previously is that under similar conditions of dryness I get less roll on the ball, despite it being cut much lower. I attribute this to the far greater density of grass blades per square inch. I mean, its really nice stuff, its like walking on $50/square foot carpet, but I think it cushions the landing and bouncing of the ball, which more than makes up for the slightly increased run due to the lower cut height.
Honestly, I think if you transplanted those fairways onto concrete it wouldn't help the roll much, at least for a high ball hitter like me, because the grass acts to cushion the impact so much. However, for someone like my dad who hits it very low and relies on the running shot, its great because even when its a bit soft he can still get some pretty decent roll. It is very good for playing a low running shot, but it doesn't allow you to play the ground game with a high ball (see Tiger in last year's Open for an example of that) which diminishes the ground game in my book.
The main reason IMHO that the UK courses play so fast and firm is because the grass there is quite sparse, so there's nothing to cushion the blow when it hits the ground. There are probably 50x more blades per square inch in an A1 fairway versus TOC's fairways, plus those Scottish fescues tend to lay over (its a lot more bent than bent grass!)