A couple of Spanish Bay observations:
1. The Pebble Beach Company, specifically Ted Horton, decided several years ago to abandon the fescue grasses, because they believed their clientele expected to see lush green grass when paying $200 for a green fee. The designers, most notably Tom Watson and Sandy Tatum, have been vocal in their dissent to the Company and have been basically ignored. I'd be interested to see if they would entertain going back to the original concept now that Mike Keiser has demonstrated it works agronomically and financially up at Bandon Dunes.
2. The "environmentally sensitive areas" are, indeed, a joke. They were implemented AFTER the course opened because environmental opposition continued even after permitting and construction of the course, and the Pebble Beach Company wanted to placate them in hopes of getting approval for the Forest Course (to be designed by Tom Fazio) and adjacent homesites. Watson refuses to play or visit the course because he correctly states that you cannot play golf by the rules at Spanish Bay because of the ESAs, and therefore it isn't golf.
3. 18 was never a good hole, because the option on the left side for the second shot is skinnier than Ally McBeal, and you'd have to be insane or Mike Reid (aka "Radar") in his prime to attempt it, so instead you either go for the green or layup down the right side. The tophat green at 11 worked with fescue when you could bump it in (as designed), but doesn't now given current course conditions/concept.
4. Spanish Bay has some exceptional holes, specifically 2, 3, 4, 6, 13 (the condos behind screwed up the view), 14 (best hole on the course), 16, and 17 (original green was out on a point closer to the ocean, but couldn't be built there because of environmental opposition).
5. The bagpiper in the fog, a glass of Macallan, and dinner at Roy's, helps take the edge off the objective course critique.
Overall, I think Spanish Bay could be an exceptional (back in the Top 100) golf course within the parameters of the current routing if the Pebble Beach Company respected it, which they don't, and brought the original designers, or Doak or somebody, to tweak it and bring back the fescue.
As is, the Monterey Peninsula not only has two of the greatest courses in the world - Pebble and Cypress (with Spyglass coming in a strong third), but also the dubious distinction of being home to two of the game's biggest wasted opportunities - Spanish Bay by the sea and The Preserve in the Carmel hills.