I'll play politician and say that I love all four golf courses.
Bandon Dunes has some spectacular oceanfront holes, a great routing with returning nines and a very consistent look and feel for 18 holes. It looks like it's been there 100 years.
Pacific is my personal second best course I've ever played, right behind Sand Hills. It is fun, quirky and demanding. It has all of the eye candy of Spanish Bay, and it really doesn't have a weak hole. The par 3's at 11 and 17 are world class. The bunkering is awe-inspiring, especially the right greenside bunker on 18 and the greens are just delightful. I like it better than Cypress Point, which is probably heresy, but it's all a matter of opinion, after all.
Bandon Trails is an exceptional golf course. You never forget where you are, with the towering spruce trees and the rolling sand hills. After a few days of getting battered by the wind on the other courses, one might think that you'd get a break at Trails, but the golf course is considerably more difficult, in my judgment. #14 is a goofy hole, even after the green was changed, but it is what it is. I'm not crazy about the 16th green or the 18th hole, but overall it is a very good golf course with tremendous shot values into almost every green.
Old Macdonald is the new hot girl on the block. I liked every single hole. I love the fact that it will inspire countless conversations about golf architecture among both the cognoscenti and the uninitiated. The greens are like Lost Dunes on steroids. Huge, fanciful and potentially demonic. A pure delight.
I really don't have anything negative to say about Bandon Dunes. The attitude of the employees, the quality of the accommodations and the undeniable greatness of the four layouts is just unparalleled in American golf. Sorry, Pebble Beach. Bandon is a better resort, hands down.