I played WGT for a long time before I realised the benefit of the punch shot. The only time I would use it was if I was in the deep stuff (which incidently is a good choice to get the ball back onto the fairway) but many players only use it for these circumstances,
But the punch shot can be used for a multitude of situations, Using this option expands your bag way beyond the 14 clubs you have in your bag. I use the punch for approach shots from the fairway and rough, bunker shots and even around the green.
Obviously various factors come into play for each shot, wind, lie. pin placement and distance amongst them and this is where your course management comes to the fore.
As an approach shot, especially with your wedges it makes dialing in the yardage easier than chocking down on a full shot. The effect of wind is lessened using a punch rather than a full shot due to a lower trajectory. What you need to be wary of is the ball, even with full backspin, will often run on when aproaching an elevated green (Oly 18 springs to mind) where the pin is short.
One of the keys to any approach is to know the greens and where to approach to, I would rather have a 15 foot straight or uphill putt than a 6 foot, 3 inch downhill breaking putt. but often the punch to the green is a great choice,
You can even punch the driver from the tee is an option (par 3s RSG) depending on the wind and a 3W punch from rough (depending on the lie - always think percentages) can be a great recovery shot. Also a great option for those 40% lies in bunkers so I hope you can see the versatility of this shot.
I have steered clear of yardages as everyones clubs are different but would recommend that next time you are out on the course (or preferably in practice mode) you try this shot and take notes of the results and factors. Yes it will be trial and error to begin with, but it will pay dividends.in the long term.
The first time I used the punch from a fairway I was at Masters Tier playing a Legend (now a TL) in a friendly match - I fluffed a chocked full shot and my friend asked what did I do and he replied a full punch would have had me on and close. I tried it a couple of holes later and viola, I now had a new repertoire in my arsenal
I hope that many of the top players and experienced players contribute to this thread which will help all players and future players coming through the ranks. I have got the ball rolling................................