I agree with those who suggest that a long par 3 is probably one of the best equalizers for a short hitter. Yes, of course the long hitter ALWAYS has some advantage, but its different on shorter par 3s and longer ones. On the short ones, a long hitter might hit a 9 iron while a short hitter hits a 4 iron. That's HUGE, one guy is gunning at the pin and thinking birdie, the other guy has fewer options because a short hitter isn't sticking a 4 iron like a dart unless the greens are soaked and of course it is harder to be accurate with a 4 iron regardless.
When you get to a nice long 240 yard hole, unless you are talking tour pro, it doesn't matter how long you are, your odds of putting it on the green in regulation aren't great because the target becomes pretty small at that distance, even if you carry a 4 iron that far (I'm skeptical there are any tour pros doing that in normal conditions, Tiger was hitting 3 to Medinah's 248 yarder after all and that's downhill too) Once you miss the green, you are trying to get it up and down like everyone else. The short hitter who can't even reach the green is laying up and playing position, the guy hitting a long iron into the green could be anywhere around it if he misses, so he will probably have a tougher up and down which will make up for the times he hits the green for an easy two putt par.
A local course added a second nine a couple years ago that includes a long par 3 9th playing into the prevailing wind. Its 245 from the tips, but since most don't play from there it isn't a big deal. But from the next set up its 200, and there is OB left and hazard short, right, and long (there is a bit of bailout room on the left if you don't hook it) I was expecting a lot of people would complain since a 200 yard shot into the wind with that kind of green is a lot to ask, but surprisingly most people seem to really like it because it isn't like the par 3s they usually play.