I sort of disagree. I look at it this way: a par 3 is an approach shot to a green complex where you have been "handed" the desired tee ball that a Par 4 contemplates. The designer has placed you where he expects you to be, and you did not have the challenge of hitting a driver (or other club) to get to this spot.
Since we both just played Beechtree, I'll use the 17th hole as an example.
This hole would play nicely as a 140-160 par 3: there is certainly enough interest with the high front-right bunker guarding the green, and the green itself has a lot going on; it definitely requires accuracy to have a legitimate birdie attempt. But the tee shot adds so much more to the hole: bunkers guard the left side, and Doak gives you a wide open right side, which just happens to be a poor angle to the green. So I say par 4's, by definition, have an inherit advantage over par 3's from an interest standpoint.