Chris and Patrick you raise good points. The 8th hole at Pinnacle Point is in many ways homage to CPC 16 -- save for its "official" status as a par 4.
It's a dramatic hole, but the the problem is the "bailout:" it's visually intimidating and places a premium on execution.
Now, the fairway down there has an upper-left and lower-right tier, and there is an advantage gained by going for the cliff-side tier on the right. It should leave you a level lie inside of 140-150 yards. I would say there's a decision involved as far as how far down the bailout corridor to hit it, but because of the visual intimidation off the tee, there really isn't. I think most golfers are just happy to find fairway -- misses are death.
That said, the articulation of the green relative to the fairway does reward a longer tee ball. Not only is the angle better, the forced carry is reduced plus the side slope can be used to approach away from the cliff.
From the tee:
Oddly, the hole seems less intimidating when the bailout is blinkered out of the golfer's view so that he reconceives the hole as a straightforward if difficult / impossible do-or-die:
From the layup zone, lower tier in foreground -- note the green does open up the further down the fairway one drives the ball:
Mark