Wow, I have lost touch, I didn't know until today that TP got the 2008 Open. Cool!
As far as the North, I've always thought it had more potential than the South. It has a better routing and a better site. There's more variety, beauty, and interest. The greens are better.
I wish it weren't Rees doing the job, but at least we know what we're going to get! It's a shame all of the little old slopey greens will be lost. And it's discomforting to wonder about the green fees. Time in Oklahoma and Melbourne has made me appreciate the need for cheap courses that aren't nearly the greatest courses in the world, because those are where people learn the game and play it for fun.
On the other hand, maybe a site like Torrey Pines isn't appropriate for anything except a world class course.
I hope it's all done the right way...