Hot take: shaving the banks is stupid. Augusta National is the exception that proves the rule.
@Tom--would be curious to hear more detail on what drives your viewpoint on shaved banks.
I suppose it's a matter of personal preference, but I love the excitement created by a shaved bank that thins out the margin separating a serviceable (or sometimes even great) shot from total disaster. To me, I guess, one of the great thrills in golf is a ball in the air with an unknown and highly polarized result. More plainly, I'm talking about a shot where you know if it's one yard in this direction then it's DOA, but if it's another yard in that direction it could be glorious. I'm sensitive to the way in which this violates the concept of proportionality, but I'll admit to being a sucker for the exhilaration created by this sharp divergence in possible outcomes.
Additionally, for the most part, I'm not a huge fan of negating hazards. This is another matter of personal taste, but I guess I view growing the rough on a bank separating a hazard from fairway/green to be cut from a similar strategic cloth. The rough acts to blunt the razor's edge that would otherwise separate the fairway/green from the water.
Using the sixth at Oak Hill as the example, if the water on the left by the green exists to punish the player for missing on that side, what is the strategic value of giving the player a redraw opportunity to not pay in full for his mistake?