I don't mind bunkers, at least as a golfer anyone has the opportunity of a sand save or agreat shot getting out of the bunker and perhaps even close to the hole.
You really can't do that out of a pond, can you? A shallow creek, maybe, but most water hazards nowdays are ponds or lakes, and worse are many times forced carries over long stretches of water.
One of the charms of golf that keeps many of us coming back is that one special shot per round, that spectacular sand save or that great shot out of trouble where we miraculously place the ball three feet fromt he hole on a nearly impossible shot from next to a tree. It keeps many of us coming back, even if the other 90, 100 or more shots where absolute crap that day. Large water hazards preclude this from happening, and when they are scattered on many holes of a course, it depresses me.