Patrick:
I think the 12th at Whistling Straits is a very good short par 3. Like all the par 3s there, it hugs the lake, and is visually intimidating. It doesn't get the noteriety of WS's 17th, but I think it may be a better hole (maybe...)
It features a somewhat bottleneck green, with the green set at a 45-degree angle (NADEResque) to the lake. The long, runway tee area is also set at a 45-degree angle away from the lake. It's a fairly simple par 3 when the pin is set on the fatter (closer to the tee) part of the bottleneck green. But it's really fun when the pin is set on the upper and much smaller portion of the green, because the the area to hit to looks so small. Dye even made the green pinnable in the middle, narrow section of the bottleneck green by creating a sort of gathering depression there. Short or long is trouble, because of steep falloffs, rough terrain, whispy grasses, and some nasty pot bunkers. Right is death, of course, with the lake looming. The green is also full of contours, making the reads on putts something of a challenge. And then there is usually a breeze to contend with coming off the lake.
It's usually played with a 9-iron or even wedge, and played in the 140-yard range for the pros at the 2004 PGA and around the same distance for this year's Senior US Open. A fun hole -- not a hard par, really, if you hit the green, but built with a variety of pin positions, which I think is somewhat rare for a shortish par 3.