Jim,
Using the other par 3s at Sawgrass as an example, where do you see the variety in different ways to attack the hole?
Seems that every other par 3 out there was the same dump and feed process. To me, that too is exciting but there was little variance in trajectory since the distances there were further.
At 17, we see equalization of oppurtunity and, as you said, the type and ability of the golfer was tested - however, this wasn't Tiger Woods hitting 6-iron into a 220 yard hole vs. Fred Funk hitting 5-wood into the same. This was Mike Weir choking down and hitting a knock-punch 7-iron and then Phil Mickelson trying (unsuccessfully) to curl a 9-iron in tight. All to a hole 123 yards away. A yardage, which all things being equal is a wedge for any PGA Tour player.
If there were no options, everyone would be dumping wedge into the middle of the green.