sdandrea1 The Olympics committees are not considering lengthening the 100 yard/meter dash just because Bolt ran too fast. Are they considering raising the height of the rim in basketball? All over the world, humans are advancing performance. Pole vault poles are more effective and lighter now, so the world record goes up. Let 'em play. Why not win at -20? Hit it 350y off the tee. It's entertaining.
On the flip side of that, there are sports and events that have changed the playing conditions to counter the improved performance of athletes. For example, the grass on the courts at Wimbledon was changed to slow down the courts because the serve was too dominant (and men's singles games in particular became more entertaining as a result of the change). Javelins were adjusted to fly shorter distances because male throwers were getting to the point of throwing it out of the stadium. You don't have to look too hard to find stories about the ever-changing baseballs used in the major leagues.
Golf has been trying to keep up with the combined effect of more efficient equipment and better-conditioned players by lengthening courses and making changes to course design, but there are limits to what can be done along these lines without making many of the best courses in the world obsolete (it could be argued that, at the professional level, a lot of these courses already are...)
While limiting the golf ball is an obvious next step, as it's a relatively cheap and replaceable part of golf equipment, I'm more interested in the section relating to limiting the MOI of golf clubs. This is one area where today's clubs are significantly better than those used even 20 or 30 years ago - while there isn't much difference on solid contact, mishits go much further and straighter than they used to. If clubs are made to be less forgiving, the penalty for hitting a bad shot will increase - go ahead and swing that driver at 125 miles per hour if you want to, but you're not going to stay on the golf course if you get it slightly wrong!