I think great short par five must have a real hazard in the way, especially around the green / and a easy looking but not so easy bail-out...
Best example are TPC at Sawgrass 16th and ANGC 13th. Players have around 190 - 200 yards to the hole. It's a par five, they know they must make 4... but from that distance, they know they could go at the flag and make 3 (If they are going at the flag, they have a lot of negative pressure, it would be stupid to domp it in the water and make 6).
But they must make at worst 4, so some aim to the middle of the green, if they hit the middle of the green (both Augusta and Sawgrass) they are on the high side leaving themself a tough 2-putt. If they miss left trying to hit the middle of the green, odds for getting up and down is 1/5...
so they end up making five a lot of time
We have a 450 yards par 5 at my place, it's a great debate every time we talk about it.
15 feet left of the green is a 20 feet deep fall off full of trees, bushes and leaves on the ground, it is not a hazard so, if you miss there from 175 yards, you have to play a provisional... you may found the ball in the depression, but you need to be a master of disaster from there...
The green is an inverted bowl on the left side and a collection area right. so basically, the pin is on the left side plateau 95% of the time...
Good players want it to be a par 4 by calling the trouble on the left a hazard, I'm opposed to that, because score will be between 4 or 6 if the left side is a hazard, taking off negative pressure on the second shot. As a par 5 and the trouble zone not a hazard, I have seen more 8 and 9 from good players than 3... On the second shot, there's more weird 20 yards hook with a 5 iron that happen there than anywhere...