There's no doubt in my mind that fescue is flat out the best grass on which to play golf. It has the finest blades, it produces the firmest surface, it demands less water and fertiliser, making it the most sustainable option; in fact, it almost demands sustainable greenkeeping, because anything else will promote weed grasses at the expense of the fescue. And it will grow in a lot more locations than people think -- David Kidd, for example, planted fescue at his superb new course at Comporta in Portugal, and it has done very well, though it isn't as lean -- yet -- as you would ideally want it.
But there are a lot of issues with fescue. You simply cannot push it with additional inputs -- it will just get outcompeted by other, more aggressive grasses -- so it is slow to establish, which puts a lot of pressure on greenkeeping teams when the owners/golfers are expecting a new, or regrassed course to be in tip-top condition. It doesn't have the uniform dark green colour that so many golfers associate with good conditioning, and when it gets hot in the summer, it goes dormant and brown -- personally I love the look of a tawny dormant links, but I know lots don't). Cart traffic on fescue is an issue (at the aforementioned Comporta, which is for almost everyone a cart course, the aforementioned David Kidd told me that he believes fescue, maintained correctly, can take cart traffic, especially as there will be less play in the summer, when the grass is at its most stressed; only time will tell if he is correct). The ball does not sit up on a fescue sward in the way it does on other, denser grasses: this promotes good ball striking, but players who are used to sweeping off a green carpet may find this tricky.