I saw Bruce Hepner a couple of weeks ago and he mentioned that Belvedere was getting ready to restore some of the old bunkering. [FYI, though my company consulted at the club for a number of years, Bruce has always done the consulting work there.]
As is mentioned above, the bunkering from Watson's original design was very different. Some of the positions are downright weird by any modern theory about where bunkers should be placed, with lots of bunkers well short of the greens on some holes. [For example, see the par-3 4th in the picture above, playing south just to the left of #1.] It will be interesting to see how it's received if they DO put the bunkers back where they were.
The point of my original post, though, was admiring the simplicity of the bunkers and the focus on the routing and greens detailing. The membership today is apparently a little more willing to spend money than the previous generation, but a lot of that work will be peripheral to the quality of the golf.