It would be great if one of this site's independently wealthy participants would purchase a reasonably good golf site and incorporate the many outstanding ideas suggested here in designing a course. While the operation would rival the construction of the Tower of Babel, it would be an interesting exercise, maybe even surpassing Pine Valley in terms of continuous time to complete.
In addition to those features already mentioned, I like an occasional directional hazard, e.g. a large sand trap, mound, or even a specimen tree, which is only marginally reachable under the best conditions, but gives you something to aim at, and think about.
I also like like:
An occasional shallow swail in front of the green which tricks the mind into thinking that the shot is much shorter than it really is.
A subtle diagonal ridge at the entrance of a green which kicks the ball violently into a hazard or a difficult chipping area if the shot is played marginally off-line, and rewards the proper play with a correspondingly good bounce.
A long, hard-ass par 4 into the prevailing wind, with a tight drive, but generous green surrounds, where you have to "nut" the drive in order to set-up a long iron second shot.
A drivable short par 4, with death down one side, and a long, with a very slightly elevated narrow green falling away from the fairway (green similar to #3 or 4 at Spyglass). Shivas can add some of his pot bunkers here at the back.
A par 5 like #13 at ANGC, juxtaposed (?) to a long one like #16 at Olympic-Lake or Sand Hills.
A couple of medium length "reverse dog legged" par 4s (I believe that Brad Klein called them "negative camber" in the Olympic thread) where you have to shape the tee shot based on the wind and firmness of the ground in order to have a good short iron to the green from the fairway.