I believe the most exciting shots in golf are the ones we wait the longest time to ascertain the result. This applies to both long and short shots, sometimes in different ways:
Everyone enjoys and admires a powerful drive. It flies for a long time, and in many cases, rolls for several seconds before coming to rest. But if the drive is clearly in good shape, the anticipation of result is diminished, and the attention turns to the next play.
The same holds for approach shots. A high shot in the direction of the flagstick or green is interesting as it flies, and all eyes await the final result. But balls that immediately come to rest on a soft green are somewhat of a visual disappointment.
A drive or approach shot that disappears from sight holds our attention for a long time, as we anticipate the result for the entire walk until sighting the ball. That's why I would make the case for the occasional blind shot off the tee. Even a poor shot on any hole which disappears from sight evokes plenty of apprehension, or excitement, until the result is determined.
If the wind is blowing, then airborne shots are more interesting to follow, as we anticipate the wind's effect on the shot.
But shots along the ground are subject to more variation, and are of great interest. To me, the most exciting shot to watch in golf is a putt or short shot that takes a very long time to arrive at the hole. Nothing is better than a putt that rolls for 10 seconds and goes in. That's why most here like fast greens with sloped surfaces. And we like undulating chipping areas with firm turf, so we can see our shots roll out for a long time.
This also can explain why I don't like my ball to fly OB, or in a water hazard. It's gone; the fun ends abruptly.
I thought this weekend about trying to develop my own little unified theory about golf course design, based on my belief that the excitement in golf is the anticipation of watching your ball come to rest, and the longer, the better. Of course, there are some limitations. Tapping a 3 footer downhill, and watching it trickle for 10 seconds 40 feet long would be exciting, but in a very aggravating way. Some finesse is involved to make the game exciting, yet playable in a reasonable amount of time with appropriate difficulty. That's where the artistry lies.
Is the course attractive? Important. Does the course offer me different playing options, and encourage me to hit different shots? Really important. But the greatest joy occurs between the stroke and the result, and the longer it takes, the better.