Mike,
I will admit that the Yale yardage book is nicer than the older version of Merion's yardage book that I have in my office.
Yale #1
From the tee
Merion #1
From the tee
Approach
For this discussion, let's ignore the comparison of Yale's 410 yard hole, handicap 5 (3 handicap from all other tees except championship) with Merion's 355 yard, handicap 11 opening hole. I don't know how Merion's opening hole is rated, but for it to be overrated? I find that hard to believe. It is one of the outstanding opening holes in golf. Short doesn't mean easy at Merion as you well know given the stretch of holes 7-13.
The only strategy on Yale's opening hole results from the green complex, which is not a bad thing in itself. The spine separating the front right with the remainder of the green is a nice feature, but that's about it. For anything but a left pin position, there is nothing at all to think about except hit it in the fairway (driver or 3 wood, club selection hardly matters) and play the straightforward hole. However, the left side of the green is a bowl, so it does not require a very highly demanding approach shot. It is a good starting hole.
Merion's opening hole is a short dogleg right par 4 with the dining terrace within 3 or 4 paces from the tee. It can be a nerve wracking beginning when the deafening silence begins as you tee up your ball. There are 13 bunkers on the hole so I would think there is some strategy. It shouldn't take the mind of a Yale SAT score to figure it out
Playing from the back tee, better players rarely hit driver unless into the wind. You can hit driver only if you carry and roll the ball less than 250 yards or carefully place the drive along the left side avoiding the cross bunker that makes the tee shot most interesting. A pushed or sliced tee shot means you're in one of two bunkers along the right side with tall pines blocking any advance towards the green. A bit of a hook and you are in one of two bunkers on the left often with an awkward stance. With very firm surfaces when Mother Nature allows, controlling ball flight and distance is key all around Merion.
Laying back with a 230 yard club and ending up on the right means there is a completely blind shot to a green with a lot of trouble all around it. There is a real advantage to being left of center, playing as close to the second left fairway bunker as you can to have the best approach angle. Such a visual and line of play advantage isn't nearly as strong at Yale. There is an option to land the ball short and run it on the green or take an aerial approach. The green is typical Merion; there are a number of interplays of slope and grain (towards the 11th green) that must be carefully judged. Distance is the biggest factor as a putt from back to front is particularly difficult to judge and lag near the pin.
From an aesthetic point of view, there is no comparison. Merion's 1st hole is overwhelmingly superior. From a strategic standpoint, neither Yale or Merion's opener is an outstanding example, but I think few would consider that Yale #1 has more strategy than Merion #1. Merion has angles of play and distance demands that Yale does not have. There's a lot more going on in Merion's 355 yards than Yale's with more than 15% additional yardage.