Yes, it does seem strange that a water hazard that you might hit into 10% of the time is a more acceptable form of Resistance to Scoring than a green that you might 3-putt 20% of the time.
Jim,
I like that point! I recently played with some Golf Week raters at Fortune Bay where I put a Biarritz. I have also built a few Valley of Sin greens. In each case, good players comments were "You can't practice that shot." I am not a competitive golfer, so I don't understand that logic too well. To me, creating an interesting shot you don't see often is kind of the point of architecture, not some standardization. But, most golfers understand from what is out there the most that being in the trees or water costs a shot. American golfers have learned generally that ground contours shouldn't cost you a shot, and yet that is a major premise of Tom Doak's designs.
One problem with any rater or ranking system is that it does tend to promote that, if followed too closely. In that regard, there is room for TD's old system in Golf Mag where expert golfers can vote for a good course under the "If it walks like a duck" theory.