Thought I'd put in my two cents here as I played the Lake today for the first time since the recent changes.
First, the course overall looks great. The greens aren't up to full speed yet but look great as do the green surrounds.
The new tees over the past 3 years - on 2, 3, 5, 6 and 12 - along with the additional length on 7 and 8 make a big difference. Basically 8 of the first 12 holes are par-4's of 440ish or longer, and two of those other four holes are 200+ yard par-3's. Olympic has always been hard for every reason except length. Well, now it has length, too.
I really liked the new holes. On #7 it's quite tough to tell that the green has been moved. If nobody told me, I would have thought they just redesigned the green in the same place. The new green fits in better with the rest of the course - it's pretty similar to #11 in a lot of ways. It's probably a slightly easier green that the old one because the individual tiers are larger, although there's still plenty of slope to make things tough. The right rough is a bit open but I didn't see that as a problem. If you're there you have a bad view of the green and less control over your wedge shot anyway; it's not a severe penalty but certainly isn't desirable.
I was fully prepared to not like the 8th, but I thought it was excellent. It's a better looking hole than the old one. I was a defender of the old 8th hole as unique and special, particularly for its setting - I mean, the hole itself was just a 140 yard shot over a bunker, at least in its recent form - but the setting on the new 8th is just as good and I think it's a better hole overall. There's always still the option to play it as a 140 yard uphill shot from the front tee, but also the option to play it at 215 and make it a full-length, challenging hole. I can see why some people preferred the old hole, but I think the only significant knock on the new hole, if you were a fan of the old one, is that it's not the old one. As a stand-alone par-3, it's really good. I can't think of a change I would want to make to the current hole, although I didn't get to study the green in detail as there was a group behind us.
Admittedly it's not ideal to finish #7 and walk 100-something yards to the 8th tee, and the cartpath isn't great. I'm not ignoring them, but they just seem like secondary things to me compared to the quality of the hole itself, which I think is excellent.
There was never anything "wrong" with #7 or #8, and maybe just the minor issue of #7 being the only hole on the course with a three-tiered green. Neither hole needed to be changed. But are they both a little better now than they were a year ago? I say yes.