My take on the new update is:
The Good: Control with the wedges, even on firm/fast greens is a joy. Now we can hit over a greenside bunker and stop/spin the ball. Not only does this improve the game considerably but it is much more realistic. The new hole physics now stops chip-ins that were going at 40mph from still going in and the same with over hit putts. Chipping is much more controllable, with better physics. Now we can generate more distance with over swing, especially welcome with fairway woods and long irons. I wasn't keen to hear that us 3 clickers would gain more accuracy off the tee with woods and long irons as I didn't feel it was unfair anyway but the physics are much more realistic, so I consider myself suitably corrected.
The Bad: The complete lack of spin on pitch shots. Not necessarily a bad thing in my opinion, but it does make pitching very, very difficult. I'd like to see a bit more spin/control from fairway pitches, but that's just my opinion.
The Ugly: Any shot, either from a bunker or flopping. An absolute nightmare. Brilliant!
The Not sure: It seems that the stimp speeds have altered slightly, but that's probably just my paranoia?
Overall for me this is an excellent update. Thanks for your time and effort PP and beta testers, well worth the wait!
Perhaps you were just being a bit more cautious with pace now that the cup physics are less receptive to over-hit putts. 
