Richard,
I do not hate the Falls Course quite as much as you because my vast experience with desert golf has lowered my expectations to the reality of trying to route a golf course on horrible land.
Last year, I attended a gathering of sorts at Lake Las Vegas and went out with the group for a spin around the Falls and was fortunate to sit with Weiskopf for several hours that evening.
I've come to the conclusion that the best you can do on a hideous piece of ground is just concede it is going to be a cart ball track and try to make it as entertaining as possible.
It is not a "great" golf course, but it is a good one in that by the end of the round, you have seen some weirdly original holes, a necessity of being given jagged desert land and challenged with conjuring up a design solution.
There is Nicklaus Course there, but he had the benefit of more conventional land to deal with and the results were not bad. It was not Mayacama, but came out appropriate for the clientèle at the resort and kept my interest from a strategic point of view quite well.
I guess what I am saying is that The Falls could have been a horrible mess like Pasadera - built on similar land as The Falls - and i am not sure it was possible to do much better given the constraints Weiskopf had to deal with.
One of the measuring sticks I use for a golf course is simply whether there were four or five holes that stick out in my mind months later that I found interesting, be it visually or strategically.
I can barely remember a single hole at Cascata unless I concentrate hard, and even then they all smush together in my mind because of their mind-numbing sameness.
Yet, #12-14 on The Falls were fun in a kinky sort of way; the golf course is like a backpacking trip in the mountains with golf clubs.
The problem - I think - is you cannot believe how much money gets charged to play golf in LV, relative to the quality. Lake Las Vegas is not about high tone golf design, it is a quasi-ritzy resort where you have to expect the proctoscope every time you open your wallet.