Jon: I don't think you have to worry about the Holyoke golf course doing 40,000 rounds anytime soon.
However, the rationale you cited [you wouldn't be able to play 40,000 rounds on a small green] has all but eliminated small greens from the design palette of most architects today.
When we were hired to build Stonewall years ago, I told them I wanted to build smallish greens to resemble the classic era Philadelphia parkland courses, and the client was concerned about it because Tom Fazio had told them they shouldn't build any greens under 6,000 square feet. I countered that they had told me Stonewall was a private club which would not get heavy play [in fact they play less than 15,000 rounds per year], and I was talking about building greens out of perfect materials the same size as Merion or Philadelphia Country Club, which played 50% more rounds on poorer greens materials. So they relaxed, and the greens have always been just fine.
You do have to be careful in picking your spots to build a small green -- it's not good to build one where there are shade issues or related traffic issues, and it's really not ideal to surround it with bunkers because of the walk-off issues and excavated bunker sand. But where sound agronomy exists, a small green provides excellent variety, and I'm determined to keep finding spots for them on occasion so they don't go out of style.
I think the smallest green we've built to date is the ninth green at The Rawls Course -- a pinhead green for a short par five, all the more noticeable because it comes after a couple of really big greens.