Update:
Having now played The Tree Farm and Old Barnwell this season, I can report the centipede looks and plays fantastic.
It(when sodded) also provides quick stabilization from erosion.
It also provides a seamless, attractive, playable transition into less playable native areas.
It provides great texture and is highly playable, unlike bermuda rough which becomes very hard to even find a ball if it gets much above two inces, and provides little contrast to fairways once dormant.
No doubt over time centipede will wear in certain places, but both places have the budgets to replace/repair/reconfigure as needed in pinch points, and as walking courses will have less vehicle traffic to deal with.
As Don points out, it may have drawbacks over time due to its slow growing nature and lack of tolerance for traffic, but it seems a great solution for high end courses to achieve a rapid mature and contrasted/textured look.
What's old is new again.