My home course, Orchard Valley, in North Aurora, Illinois, has a hole like this. # 13 is a long par 4 with the fairway bisected by a large, 30 foot ravine/wetland. This ravine is perhaps 250 yards off the tee, so you've got to layup off the tee. Generally, your second is from about 200 - 215 yards to a green that is open in the front.
At first glance, I've never really liked the hole. It forces you to play it one way, and one way only. Carrying the ravine is really not an option. But, over the years, I've come to appreciate it. With technology today, many guys never hit a long iron into a par 4. They are hitting short irons or even wedges into many par 4's. By creating a hole like the 13th at OV, the player is forced to hit a longer iron to a par 4 at least once in the round.
Would I want to play multiple holes in a round like this? No. But, playing a hole like this once in a round is okay with me. I think it offers a fuller examination of one's game.