The SRB casings are quite robust, and those are the only parts they were trying to reuse. I'm reasonably certain I could swing a 9-pound sledge at the SRB casing and not even put a dent in it. I imagine the Falcon 9 structure is not nearly as robust and wouldn't survive even a parachute-softened impact with the water.
But it's hard to tell with SpaceX how much is popularity and hype, and how much of it is long-term useful engineering. I think the soft-landing concept is certainly attention-getting. And although the pieces have been there for several years, only SpaceX engineering has put them all together in an integrated, flyable form. But I'm not sure the economics work out the way Musk seems to envision. It's hard to get more than "vision" from him. It will be interesting to see how this shapes up. NASA seems not to mind.