I've been waiting to chime in on this thread. First, I love Tobacco Road. My parents are lucky enough to have a condo down in Pinehurst and I've just been down there two times, but TR is the only course I wanted to play again after the first go round. Two reasons:
1. It was absolutely a blast to play, and
2. I think it's a heck of a value.
Growing up in Nebraska we don't have elite private clubs (save maybe Sand Hills and Dismal River, now) and being the son of a pair of teachers, the value aspect of things always enters into the golfing equation for me. That said, the two best values I have ever played (and would consistently pony up the $40-50 it cost me to play) are Tobacco Road and Wild Horse.
I just found myself hitting so many fun shots at Tobacco Road. It's like everytime you get over the ball you go to yourself, "This is a cool shot."
That said, it has some flaws. Part of me thinks the par-3's get a bit monotonous, especially by the 17th tee. Ran said it best to me when we met at SPCC (after I had played 18 at TR in the morning). If they'd blow up 17 and put a 200 yard hole between 12 and 13 that would make the place a lot better.
You can bite off as much as you want to chew around Tobacco Road, though there are plenty of safe routes that you might not see. I remember standing on the first tee and going, "Where do I hit it?" and then getting out there and seeing a bunch of room.
And, I've never hit a more exciting 100 yard shot than this one:
The 13th at Tobacco Road
So, I guess, Darren that's what's "fab" to me about tobacco road.