We have just put Field Turf on our main game field at the HS where I teach and coach; an area approx. 140 yds. x 70 yds. cost over $300,000. I'm sure there would be economies of scale, but I can't imagine that this would be cost effective for a full size golf course.
However, it is wonderful stuff, by and large. NFL players rate it very highly, and our kids like it. I had read last year that the NFL players listed Field Turf surfaces as 6 of their 10 favorite fields around the league, with natural grass being the other 4. The only drawbacks are the heat here in GA (approx. 15 extra degrees in summer weather) and the rug burns, though they are not nearly like the old astroturf burns.
We did it only because we were spending $25,000 a year resodding, and at that the spring sports teams were playing on dirt. We don't anticipate doing anything to it for about 12 years, at which point another dose of the ground up rubber would be applied. At today's prices, that would run about $100,000.
I haven't tried hitting golf balls on it; the head football coach (who is a golf buddy) would either have a heart attack or shoot me, or both! However, some ranges at local courses have put in strips of varieties of this, and it is pretty good.
Still, I have a hard time imagining this working from either a cost standpoint, or the aesthetics. Certainly, it wouldn't work well for greens.