Tiger Woods has long said that the secret to good golf is always being pin high. When you're pin high, you don't have to worry about water hazards, bunkers, or steep slopes beyond the green. You may miss right or left, but if you don't short side yourself, you'll likely be putting most of the time.
Though devices such as the Bushnell PinSeeker 1500 (and the SkyCaddie) are illegal for competitive play, they're acceptable and legal for informal and handicap play. In fact, if you attend a professional tournament during a practice round, you'll see plenty of caddies using the PinSeeker to double-check yardages.