Evan,
I didn't like it - same thing with Irwin's shot on 16 in the first round. Somebody (Tony Jacklin maybe?) almost hurt themselves trying to play a similar shot.
Michael,
My reasoning is the whole idea of "play the course as it lies, play the ball where you find it". If you have a spot that is unplayable, you can't do either one, because you have to put your hand on the ball and drop it somewhere else. Why have a part of a golf course that you can't hit a golf ball off of? (OK, other than water hazards. But sand is not water, nor should it be.)
Also, with those areas being played "through the green" it makes for all sorts of weird drops and rulings. Irwin got to drop his on grass just off the green. Romero had to drop his into a flat sandy area. If he were 5 feet shorter, he'd have to drop down in the bottom of the pit.
Finally the fact that those bunker walls are *everywhere* on the course, including on the teeshots, seems to me like an overly severe penalty. In all but the strangest of circumstances, a ball found should be a ball playable.