I'd be happy to give my completely biased and unobjective opinion here. I have played at RSFGC for coming up on ten years now and developed my love for every aspect of the game -- the competition, the practice, the friends, the spirit -- during my time there. I've wondered what it'd be like to wipe the slate clean and look at it from behind a Rawlsian veil of ignorance, but it's tough for me to do so.
There is a lot to like about RSFGC. It is a more subtle course (especially compared to those in the area) that allows you to play the recovery shot and challenges you with awkward lies and deceptive greens. The wonderful movement in the fairways, arguably one of the few remaining touches of Behr, has been discussed in these halls before as one of the course's strengths. It is the walking golfer's paradise and from a playability sense, it is not a very penal golf course, making for low stress rounds and generally a good pace of play.
Any discussion of RSFGC will ultimately turn to the renovations of the course completed in '02 and the new clubhouse just constructed in '08. As Mr. Stamm mentioned, a lot of mounding was added throughout the course, pretty much all the bunkers were reshaped and the grass changed. While these changes are unwelcome to some, the conditioning has been tremendous since it reopened as a result of some tree removal, new drainage and an overall rededication on the part of the club. Some would say this is another example of "keeping up with the Joneses," but as a person who plays there often, it is great to play on a more consistent, firmer, drier golf course.
All biases aside, would I call it a top 100 course? If I'm honest, it probably is not. The routing could use a bit more variety. There are only two holes on the course that move right to left (#16, #18) with everything else either a dogleg right or dead straight. There also is not much variation in the wind direction, with the first four and last five holes typically playing downhind and the middle nine holes playing into the wind. Given how rare anything but an onshore breeze is, holes tend to play the same most days.
That being said, any day at RSFGC is an enjoyable one and I have never had a guest leave disappointed by the course or the experience. The participants in the '06 US Junior Am raved over the course and the word from the staff is that the USGA was thrilled with how the course set up for the championship.
It may not be in the top 100 but it is definitely a course that most would be happy to play for a long time to come. I know I won't be tiring of it any time soon.