I apologize in advance for not having read all the posts but I had to jump in
According to NGF only 17% of all golfers have handicaps below 20 so while the average handicap may be unchanged at around 19, most golfers never attain bogey status.
I think technology has certainly made the game easier and the advances were taken advantage of by the elite golfer even more than the average player. One thing that we may forget is how hundreds and hundreds of yards has been added to courses even for the regular golfer in order to keep the scores from improving. Growing up, a 6800 course was a "championship course" (whatever the hell that meant) and now I see way too many 6-12 handicap golfers insist on playing from 6800-7100 yards!!
Had we chosen some time (arbitrary, yes I know) and held the line on equipment then I think we would have been better off. Were I golf Tsar I would have said that going from hickory to steel was OK since it ended up making clubs more affordable for players. If we had stopped in say 1970 with wooden woods, steel shafts, whatever the golf balls were, I think millions in real estate, additional tees, property taxes and maintenance could have been saved and ultimately made for a more affordable game. We also could be able to compare records from ers a little easier but that's another story.
If you look at Pine Valley and Merion, not to mention the Old Course, "we" have felt compelled to adds hundreds of yards on to those courses just to keep up. What have we gained? A more expensive game?
Modern technology certainly helps but it is a relative--as long as courses continue to get longer and more difficult it is a never ending situation of a dog chasing its tail.