The Ocean Course at Kiawah Island. That should show itself in 2012. The 1991 Ryder Cup was arguably the most exciting of the modern Europe--USA cups. The course was wild, producing high scores and weird outcomes (Calcavecchia, Langer, etc.) It's only gotten better since then.
Valhalla, although I'm sure it's not a truly great course, carried plenty of interest for me this week. The 7th is undeniably wild, but I think it is a fantastic par five. This is probably more true for amateur golfers, who have two legitimate options to choose from. It would also force more choices in stroke play, because having that second shot from the left fairway is scary no matter how perfect your drive (see Sergio). The 12th is unique looking par four not seen on many modern courses. The 18th hole also consistently produces great finishes (1996 PGA, 2000 PGA, four ball matches on Saturday). Is it the best? No. Is it better than Torrey Pines, Sahalee, Firestone, or The K Club for watching a tournament? Absolutely.