Mike--
I once read that the first requirement for a great golf course was to begin with a piece of gently, rolling land--and that describes Wakonda perfectly. Many of the tee shots are caught by these small hills, which makes it play longer than it might appear. The trees--growing in that good Iowa soil--are spectacular, although I agree that there could be some prudent tree trimming--as there probably should be at many old courses. (As an aside, the worst/best example of great trees overrunning an course that I have seen would be Kansas City CC.)
The Wakonda greens are good--fair, but with gentle slopes that make them difficult when fast. The green sizes have good variety--and seem appropriate to the holes. There are many terrific architectural features, such as the hog-back fairway on #18, that creates a good match-play finishing hole.
The best part of the course is the turf--again from the Iowa topsoil. Taking a divot from the black soil is a great feeling--much like the good Chicago courses. And the rough when grown up is incredibly tough and thick. Anything can grow in Iowa.
The negative to the course would be its lack of space. Like with many old-style courses, it's nice to walk off a green on to the next tee, but it makes lengthening the course tough. For example, the good #18 is probably too short for the modern game and it can't be lengthened.
All in all, a wonderful old course--that I'm sure the amateurs in 2008 will enjoy.
.