This is timely: I played Great Waters yesterday for the first time. I thought GW was excellent in every respect. Interesting golf course in that the front nine feels a lot like the Pinehurst area, with gently rolling terrain through mature trees, while the back nine feels much more coastal. The last three holes are stunning and excellent. It is the best Nicklaus course I've played, which it should be due to the great piece of land it occupies. It isn't Cuscowilla, but it is very much worth playing. Golfweek has it rated as the #2 public access course in GA behind Cuscowilla; that may be a bit high, but Great Waters is well worth your time.
I would still take two rounds at Cuscowilla vs. one at each, but I think I might take one at Great Waters if I was going to play three times or certainly 4. I think most here in GA would rate Great Waters well ahead of the other Reynolds courses.