My answer: Yes. It's among the elite.
I did not know that bit of Vardon trivia - I would guess Vardon would consider it quite a different hole with today's equipment.
I played 2 iron off the tee, then 7 iron to the green, so I wouldn't say it's overly long. The tee shot is one of the most interesting, difficult tee shots I've seen - It's more about angles and using the fairway pitch properly. The wind I played was left to right and into. Marc's picture is nice, but fails to capture how much is going on in that tee shot's landing area.
Agreed on #7 being another all world contender.
From my view, the title of this post could identify any of the holes from #3 - #7 as being among the most compelling in the world.
Having said all this, I have no idea what Tiger Woods would hit off the tee, but for me it's really quite an interesting hole.