i played pebble in July. For what its worth, my ball ended up about 15 feet from the cove, and one of the guys in my group hit his ball into the bunker on the left.
So while we can bemoan the fact that the bunker don't "fit the course" the bunker is certainly now in play, and so is the water. If you look at it that way, the modifications were successfull.
By the way, I'm not well versed in great golf courses, but I do not think I will ever play a par 5 with a cool second shot than the 6th at Pebble Beach. Without a doubt the most fun shot on the course.