I think the criteria for judging whether a short course offers an interesting, challenging test are as follows
1. Difficult challenge, without making it unplayable for most
2. Variety of distances for approach shots
3. Reward long, accurate drives
For what it is worth, our back nine is about 3200 yards with some difficult greens to hit and putt.
http://www.golfclubatlas.com/mhctopp.html Testing it against the criteria:
1. Difficult challenge, playable for all
It definitely meets these criteria. Penalty strokes are rare and it provides a challenging test for scratch golfers. In a competition last year, with contestants ranging from among the best state level players (+2 or so) to 7 handicappers (most in the 2-5 range) the average score was 41.6, about a stoke higher than the longer front nine. The wind was in the prevailing direction at 15 miles per hour, so a bit stronger than average. One under qualified for the US Amateur in 2004.
2. Variety of approach shots.
The yardage does limit variety for long hitters. In particular, it seems difficult to have holes at lengths that would require good players to hit middle irons.
I'm probably 15-20 yards behind most of the contestants off the tee. If all goes well, I hit 4 wedges, long hitters might hit 6. Thus, there are a lot of wedges to severely sloped greens. Fun shots if you are on, but, if you are not, you aim below the hole on some shots from 100 yards.
The list below has the hole number, my normal club after a good tee shot and the average score in the competition. The holes with an asterix have severe greens.
10 340 par 4* (wedge)(4.7)
11 217 par 3. (3 wood)(3.9)
12 420 par 3* (7 iron)(4.6)(downhill, downwind)
13 340 par 4* (wedge)(4.9)
14 540 par 5 * (wedge) (5.6)(uphill, into wind)
15 365 par 4 * (wedge)(4.4)(downhill, downwind)
16 170 par 3 (5 iron)(3.6)
17 385 par 4* (7 iron)(4.9)(into wind, uphill 2nd)
18 435 par 4 (4 iron) (4.9)
3. Rewards long accurate driving
I think this nine does that well. Driver is never taken out of ones hand. 10 and 15 can be driven with a drive that carries 280 and is hit precisely on line. A player with that length can also reach 14 in two.