My chief thought with respect to the above is this: The pros should absolutely be playing by the same rules, both for equipment and for the game, as everyone else. Part of the magic of golf is that the guys you see on TV on Sunday are playing the same game that you play, just a lot better. (Yes, there are some differences here and there due to the practicalities of televised matches with thousands of spectators, but those rarely have a significant impact.)
The one obvious exception right now---the groove rule---reflects a decision that it's more important to keep the little guys playing by the rules than to keep those rules identical. I strongly agree with this choice. The little guys aren't going to run out and replace their clubs immediately, and this way they don't have to choose between spending the money and playing by the rules. However, this is an exceptional situation. But this specific rule is, of course, tied closely to the topic in this thread. Technology went too far and created an imbalance in the Force---er, the game.
Developing technology is an essentially human activity. Trying to avoid improvements in golf technology is not only futile, but runs contrary to the history of golf. The blade irons and persimmon drivers are no more traditional than the modern clubs, they're just older. If we were to stick to tradition, we'd be hitting rocks with shepherd's crooks. Obviously people like to perform well in the sports they play, which is why we choose the best tools available and why some of us develop better tools, leading to the new technologies.
Once the cat is out of the bag, there's no putting it back in. Banning the new equipment will at best lead to amateurs ignoring the rules and using it anyway, or at worst send them away wondering why we insist that they use inferior equipment. All we can do is keep an eye on the developments and ensure that the game remains challenging and fun. We must identify what aspects of golf are essential to its integrity and preserve those, but accept that this sport, like everything in this world, will evolve. This means that yes, some courses will become less challenging. It's sad, but new courses will be developed to take their place. Remembering and respecting the past is important, but not more important than looking to the future.