David,
I don't know if I would call it the best hole in the world, but I can't think of any other hole I've played that made me feel like I did when I played it. The road hole comes close, both require absolute focus and neither can be played well without total commitment to the shot at hand.
I really liked the 5th hole, the short par 5 with two sets of triple cross bunkers. The 5th is, IMHO, great golf course architecture. I also thought the 7th was a great par 3, 8 had an incredible green, and 9 has got to be one of the greatest par 4 holes in the world under 300 yds. 12 is a very good hole, I'm not so sure the 15th isn't better architecture then the 16th, and the 17th is a very good strategic short par 4.
All in all, CP ranks with TOC as my favorite golf course.