Guess we don't need a big discussion of this again, but I've changed on this rule and kind of go back and forth now. On the plus side, it opens up differing levels of danger available to course designers and rules committees. I played at a course recently where some super tight fairways had what reasonably could be called OB all up one side but it was marked as environmental hazard to not make the hole totally killer for everyone who didn't hit a perfect tee shot, but then other areas on holes where you could definitely miss there but your choice wasn't hit a tee shot within 10 yards of your aim point or tee off again with your 3rd shot, and those areas were marked as OB. Also, I'd guess that well more than a majority of the amateurs I've played with play pretty much everything as a water hazard anyway, whether marked with white or red or red and green stakes, so maybe it doesn't slow down play as much as you might fear?
On the other hand, I've definitely played with or been stuck behind guys who just use the "provisional" to hit as many drives as they want, basically feeling free to take a bunch of time for pace killing on-course practice, until they hit the fairway or at least miss to the opposite side of OB, then feel free to pretend that was their first tee shot. And even honest provisional taking can really be a pace killer when playing with not very good but serious players so you've got 5-6 tee shots and an extra approach or two on lots of holes.
Plus, I recognize the argument for more serious penalization for fully hitting the ball off the course, but to me it tends to feel pretty arbitrary as to when I get to take a next shot that gives me at least a reasonable chance of sitting 3 near the green, if not on it, so a 1-putt gets me par and an up and down saves bogey, versus when the best I can hope for is a good next tee shot and to be sitting 3 at standard approach distance, where I have to stick a full iron super close just to have a good chance of saving bogey.
Sorry, but his has nothing to do with the original post.