1) Do I have fun playing it?
2) Would a much better player than myself have fun?
3) Can I easily imagine a course that used the available landforms to better advantage?
The desirable answers of course are Yes, Yes and No respectively.
I'll take as an example my own club, Columbia CC in Blythewood, SC. The main 18 was designed by Ellis Maples in 1961, with slight updating of fairway bunkering and a few greensites several years ago.
1) Yes. Of the courses I've played regularly (say more than a dozen rounds) it's the most fun. The greens have interesting contours, the most challenging shots required are either well within the capabilities of a short-hitting bogey golfer or can be played conservatively to make them so and there are indeed options off the tee and into many greens so as to allow a certain degree of "strategy". But mostly the greens are great, a major requirement for me to have fun.
So on balance I give it a B+ on the "fun for me" dimension.
2) Yes. It has always been popular for local tournaments, US Open local qualifiers, mini-tour events and so forth catering to better-than-scratch players. It plays long enough to challenge anyone short of a Tour pro yet without feeling like a total slog even when played from the way-back tees.
I'll go with B- on the "fun for good players" test since I think there are probably some who would prefer a longer course or one with more hazards in play.
3) No. While I might have a handful of ideas for how this or that hole could be arranged to better suit my own game, taken as a whole the course very efficiently utilizes the moderately rolling topography and the few water features. What wind we have in central South Carolina seems to be effectively brought into play by the course routing so that it isn't just one hole after another into or against the wind.
So I'll grade it with a solid B on the effective use of available land features. It it a little repetitive with the number of holes featuring a slightly elevated tee over a depression with the landing area into or over (depending on the player's length) a ridgeline. Not every hole repeats this them but perhaps a few too many.