My so-far only trip to Pasatiempo was the Monday after KP-IV and the greens had been punched and heavily sanded just a few days before. In the morning round the sand was soaking wet and they were totally unputtable. In the afternoon they were just slow with punchmarks. I enjoyed my day there very much because tee to green Pasa is an exciting course.
Conversely, if I had played Stevinson Ranch with the greens in that condition I would have hated it. Frankly, a course has to be at the Pasatiempo/Cuscowilla/CPC/Tobacco Road level of design in order to be worth spending 4+ hours of my life playing when the greens can't be putted. And this is coming from a guy who can play 36 holes/day at a Doak 2 or 3 level course and feel like he's in hog heaven.
My point is, there's a certain minimum level of conditioning required before playing a course is any fun at all. Yes, it is possible for a course with a world-class design to overcome even horrendous conditions and offer some fun anyway (for that matter people enjoy walking the Old Course on Sundays when it's closed--the ultimate unplayable condition) but those exceptions don't contradict the basic rule that conditioning matters.
I think this discussion can lose sight of the difference between conditioning that matters for playability (puttable greens, sand in the bunkers, fairways that are either all or mostly grass and firm enough to play good iron shots) and conditioning that is either cosmetic (Augusta National class landscaping, wall-to-wall green, Tour-class bunker consistency) or overkill (greens Stimping 12+, perfectly edged bunkers, overwatered and manicured rough).