I'd love to play both... on the same course, even.
I think that I'd enjoy the 2nd pic more on a regular basis and that the first pic would be very frustrating except for the occasional sweet shot down the middle. So if I had to pick, it would be #2.
As far as fairway width limitations, it really depends on the length and shape of the hole. Give me a 10' opening 100' from the tee and I'll dig that. But make that same opening 200' feet away and I'm missing it more than I'm hitting it. Hopefully this makes sense.
Again, I think that both styles have their place in design. Although it can be very frustrating to not have a line towards the basket once you get off of the fairway, occasionally having to simply pitch back out onto the fairway isn't always a bad thing.