Carl:
I thought Riverfront was a really good site, except for the houses.
The first example which comes right to mind is Royal Worlington & Newmarket, the "Sacred Nine" in Cambridge, which was featured here a week or two back. You could drive right through that golf course and think nothing of it, and every single hole is terrific.
If you go to the top 100 lists, you would have to say that Oakmont is the overachiever of the top ten -- a pretty stark landscape, a bit too steep in spots, and clay soils to boot. Pinehurst No. 2 is more commonly cited, but the property does have some nice, gentle rolls, and it's sandy which makes everything much easier.
I would also guess that few architects would have drooled over the property for Chicago Golf Club, Garden City, Carnoustie, Olympic, or Kingston Heath in their original form. Heck, there are some who wouldn't have picked up on the merits of the Old Course at St. Andrews!
But, that leaves about 40 of the top 50 courses in the world that were on EXCELLENT sites.