My problem with bifurcation is the word itself. It sounds like something you need to have fixed by an orthodontist.
I don't see a downside to bifurcation. More technology and even better clubs for amateurs, limits on clubs to keep the pros playing some semblance of our game. Sometimes I think the equipment companies worry only that this would screw up their marketing. Do they sell any fewer aluminum bats to Little Leaguers because pros use wood? I don't think so.
One downside would be that the Tour loses its wow factor. If I can drive it 280 yards with a superdriver and Dustin Johnson hits it only 290 with a dumbed-down Tour ball, it makes him a lot less superhuman.
You don't need anything quite that drastic. A 300-yard drive should be special, not the norm, and a 300-yard three-wood shot shouldn't exist. But I'm less concerned with holding back the pros than with letting technology help make golf more user-friendly for our shrinking number of recreational golfers.
I'm in favor of anything that brings back courses that have been rendered obsolete by distance.