As far as the short term goes, the new golf course market is going to trickle to a virtual standstill. At this point; the land costs too much, they are exceptionally difficult to get permitted, water usage in a lot of locations is tight but might be doable using effluents, the credit market is tight which affects the housing market, and the increase costs of maintaining the course once it's open, plus all of the additional infastructure costs like clubhouse, maintenance buildings, golf shops, cart barns; etc.
There will always be the occasional new course, but as was also mentioned, the market is saturated. Demand has to be there to make it work and potentially a lack of supply.
Most of the name architects are going to be fine. They will have less work and in turn a smaller staff. Also, there's going to be plenty of renovation/restoration work to keep them busy.