Depth is a good thing. The inability to effectively use that depth is where the problem lies.
For example, sitting your most effective point guard with 3 fouls until only 6 minutes remains in the game is not an effective use of depth. Putting a 6'6" wing on Emir Williams who promptly dunked it on an out of bounds lob play with 2 seconds on the shot clock when you have a 7 footer with an 8 foot wing span in Gabe sitting on the bench is not an effective use of depth. Continually sitting both of your 7 footers in crunch time and then seeing the opposing team grab multiple offensive rebounds to burn more clock is not an effective use of depth. Having an entire 2nd five on the court at one time, with all starters on the bench, is not an effective use of depth.
So to answer your question, no, I don't think depth is a double edged sword. But having a coach who seems to do everything else right but manage that depth is a double edged sword.
I can't "like" this enough!
The three most improved players on the team -- often to the point of carrying the team through Marbleless and Whiteless stretches -- are Gabe, Woody and Gesell, in that order. The three players that seem to be the most under utilized, in lieu of McCabe, Oglesby, Uthoff and (of all players) Jok, are Gabe, Woody and Gesell.
When you have significantly more depth, significant improvement by several to compliment your "stars" and greater experience over last year's team yet continue to play far below your ability relative to your capability than last year's team, the (middle) finger needs to be pointed at Fran McCaffery.
He's completely mismanaging his depth for the sake of having it. He is breaking this team and undermining the potential they could achieve.
We will see if he is completely oblivious to it or if he finally realizes it against Michigan. If McCabe or Oglesby (let alone, Jok) see the floor for more than 2 misses against Michigan, or, if Fran thinks he's going to go small ball to match-up against Michigan's backcourt, and get in a shooting contest with Stauskus, Iowa is going to lose. If he continues his line-change rotation strategy and completely abandons attacking inside with his only strengths -- size, length and attacking the rim to get to the line / get put backs -- Iowa is going to lose; not only Saturday but several more.
It's simply not a recipe for this Iowa team's success. If it continues, what once had the potential to be a very special year will go down in flames with quick exits from the tourneys.