In most cases, you can make a course look awful based on a carefully chosen angle of a photograph.
This is a perfect example of that - Now, I am not saying that Trump National is without problems because it certainly is not...but the problems are issues with spacing, mountain golf, and the terraced nature of the site, not the bunkering or the waterfalls (the latter of these which is of course over the top)
Actually playing the 18th hole, it's one of the best and most spectacular holes in the area...the 17th hole (the one in the foreground with the waterfall) isn't half-bad either.
Again, not saying Trump is worth the money or on the whole, a good course...there are some absolutely awful holes (the par 5 in on the high edge teeing off North from the Southeast corner of the property comes immediately to mind)...but all things being equal, I'd play it once a year or so at a par rate with other courses around - 50-100 bucks) just because it's such a pretty spot and there are at times some cool shots to hit.