This can go both ways. Instead of pacing off, you have the guy who has to find his yardage device first, then go walk over to his ball, get his yardage (3 or 4 times because he just lasered those two trees behind the green instead of the flag), go put his yardage device away and then choose a club.
It could also speed up play. Get yardage, pull club, hit. No more pacing as mentioned. I do like the addition for amateur tourneys of course. I just see it slowingly down weekend play already and I'm hoping it doesn't slow down the tourneys.