JJ,
I believe you are confusing strategy with recoverability. There is as much strategy involved with OB as there are with any other hazards - it's how much the penalty of OB factors into that strategy that is different.
How does OB differ from any potential lost ball situations found inside a golf course?
What if in aiming slightly more to the right you are aiming more toward a bunker, but in aiming way right, you are clear of everything but have a much difficult shot - that's strategy in my book, and the OB had a major factor in that.
The OB is visible, the penalty is known... how is it unfair or too severe? It's just a weighty test of guts and execution and serves as a change of pace from water or sand. I don't want holes lined with OB, I just want thoughtful use of OB as a change of pace during a round every now and then...
Here's how OB has been misued in my opinion, at the 12th at Makefield Highlands near Yardley, PA. A decent Rick Jacobson design.
The downhill par 5 is very reachable, and the more to the right the golfer goes the angle to reach in two becomes less favorable. And yes, the bunkers compound the "correct side" of the fairway, however, creating an alley by moving the bunkers 20 yards to the right and allowing the golfer to choose his method of attack by using the OB to up the stakes would be a better method, IMO.
The tee shot:
Just over the hill, 230 or so out:
Same spot as above, just zoomed to show the green site:
In this example, there is room to shift the fairway corridor right to provide an ample bail out to the right and a 25-30 yard wide alley between the bunkers and OB.
This type of neglect of OB has been the rule for far too long.