Jason:
My course in Evansville, Indiana, Quail Crossing, was built on a minimal budget 15 years ago. We chose bermuda for the fairways because we couldn't afford to sod zoysia, or to maintain bentgrass. Winterkill is always a concern, but I don't believe they have had excessive problems with it in the past 15 years, and would still make the same decision to go with Bermuda today.
I guess it depends on what you're after. Bermuda will be dormant for much of the year, but dormant grass is not a bad playing surface as long as there is not high-volume cart traffic. Golfers, of course, like green grass, but they don't like soggy green grass.
Environmentally, zoysia and bermuda are way better options than bent or ryegrass. I'm not as big a fan of zoysia as some ... it is great if you've got great drainage (surface drainage as Jeff mentions, and/or sandy soils), but there is very little bounce and roll, which are big parts of the game for me. And zoysia sucks when it's dormant and wet.
Lots of people go with rye because it's easy to re-seed when you lose it, but actually trying to keep it year-round requires a significant chemical budget, as does bentgrass. With a great superintendent and a fair budget, these can be excellent choices in the short term, but without both of those, the cool-season grasses will be overwatered and the playing surface won't be what you expect of bentgrass.