I just ran some quick numbers from the stats on the PGA Tour website. Comparing this season's data to the earliest available (2007), average clubhead speed is up 2.4%, from 112.4 to 115.1, while the average smash factor is up 1.9% from 1.47 to 1.50.
The clubhead speed increase is earned (although one can argue that players' strategies have changed with a lower-spinning ball, this still seems this is mostly due to improved training and technique). The smash factor gain perhaps can be attributed to the ball, but I think the rules always limited the smash to 1.5, and players are just using launch monitors to perfectly optimize launch conditions.
Thoughts?