I don't think going back to wood would make that much sense but I can't let your comment about Louis Oosthuizen go without saying this guy has one the best, most conventional swings in golf. He is no flash in the pan. He will win more events and he will win more majors because his swing is freaking perfect. If there's somebody out there who is a flash in the pan and could probably not hit a wood driver very well - it would be Rickie Fowler. It might be Tommy Gainey. Dustin Johnson without all that length. But Louis, I believe, would do just fine. Seriously - check out a youtube analysis of Oosthuizen's swing and tell me it's not as close to perfect as it gets.
Nothing against Oosthuizen but a perfect swing does not guarantee a great player although he has a fine all around game. Tom Purtzer and Steve Elkington had picture perfect swings yet one major between them.