I am a younger guy (27) and come from the grip-it-and-rip-it golf school most people my age and younger have been taught in. Patience and course management have only become a part of my game after I stopped playing competitively, unfortunately. I have always had the luxury of big, forgiving drivers, and all sorts of wedge options.
I will gladly take 40 yards out over 100 yards any day of the week, even if there is water short or some sort of issue like the lie. (Of course, there are exceptions. If the landing area 40 yards short is filled with contours or very tight, you don't take the risk. But I am thinking strictly about fairway)
Why? I don't like my iron game at all, and a whole lot more can go wrong from 100 yards away than 40 yards away. Now, I'll admit, I don't hit a lot of skinny or chili-dipped wedges to put doubt in my mind either. But I am just as likely to chunk a wedge from 100 yards as I am a half-wedge from 50. And if I do the former, I have to hit the latter again.
There are certainly areas where having a full swing makes it a bit easier, but I'll get it as close as possible and figure it out when I get there.