I'm biased -- I'm an OC member.
Since the comparison is inevitable, I will say SFGC is more fun to play on a daily basis. Tee-to-green the course has less elevation changes, but wider fairways which make it easier and more strategic. It's greens are fantastic and quirky -- it is the design element that makes the course difficult and fun. It's fairways are painted with airy, natural-looking Tillinghast bunkers. Overall, the property is more open and more subtle in its movement and beauty. It has a stately Tudor clubhouse which adds a patrician element to the property and the club. The first playing experience there is more memorable -- no question.
The Olympic experience is quite unique. It is not a super exclusive club. It often feels crowded. Most of you on this site are not swayed by this though.
Olympic is a ball-striking course, SFGC is not. As a result, "Olympians" are better ball-strikers than their friends at other area courses (probably worse putters too, see Johnny Miller for both). Like Bethpage, it is a big, grand course. Despite this, both have relatively tight fairways (except for #4 at Bethpage). The good player is rewarded at the green. To get to the green, however, is the big issue.
Olympic is a championship course. If you don't hit the ball well, the common golfer will spend the whole day in the trees and in the wet grass. No one told you that 6850 on the card is 6850 on the ground. Play it up if its too difficult or don't try to be a hero. You aren't suppossed to play well your first time at a really tough course (see Oakmont).
I agree with Wayne that the course encourages a preferred shot but doesn't demand it. Even the awkward tee shot at #5 can receive a draw. You can hit a fade the whole way down #16. Is it boring or unfair that a draw puts you in a better position?
As for the variety, I hit nearly every club in my bag during a round at Olympic. The holes themselves are not that memorable the first time you play them. Give it another chance. Few features are flashy. Play it after dawn or before dusk -- few courses can match the shadows created by the sun and its Monterrey Pines. Play it without being overly conscious of score. You will play better and will come to appreciate the property more.
If you don't like the fact that you can't see your ball finish on 3 of the par 3's, come back next year. The new #8 will offer you that view. You must not like a lot of the par 3's at old courses.
The third hole is indicative of the Olympic experience. It requires a superior iron shot into a small, elongated green. The canted "fairway" between the tee and green often forces shots right through psychology -- it just doesn't look right. That same area also makes for a tough, awkward downhill hike to the green. There are few courses that are more difficult to walk. Try playing the hole again. Chances are you missed the green your first time playing it. If you are lucky enough to have hit the green, there are few golf shots in this world as rewarding and as memorable -- that's why it's a great hole!
I hope the renovation will improve the course. For now, I'll worry about it until
next summer.
Sorry for the long comment...