Tom Doak,
The courses at Bandon, and the Bandon Resort definitely eroded the allure of the courses in the Monterey Penisula. (PBGC, SHGC & SB)
If Bandon was easier to get to, if the airport at North Bend was more accessible from distant locations, I think the erosive process would have been much more accelerated.
IMHO, the price to value ratio at Bandon is far greater, and will get even better in the not too distant future.
I believe that another element has come into play that favors Bandon over MP...... The economy.
Many golfers will drop out of private clubs, but, will continue to thirst for great playing experiences, given the price to value one gets at Bandon, versus MP, Bandon would seem to be the destination of choice for those golfers inclined to play a number of great courses in one trip.
Connecting flights that arrive early in the morning and mid to late afternoon, that depart mid to late afternoon at North Bend, would seem to be ideal in terms of making Bandon more attractive and accessable.