Great thread.
I am going to go out on a limb and say, it depends.
I had two courses that immediately came to mind when I read this topic.
The first is Ballyneal. The risk-reward calculus is so prevalent on many of those holes that if you take an aggressive line, birdie is a definite possibility but if you miss, you'd be lucky to get a double. I am blanking on what hole it was, but Adam Clayman had us play a par four from the way forward tees (about 270 yards) and he goaded me into taking driver. That brought birdie into play. After I mishit my drive, it only got uglier. We were both still laughing when we walked to the next tee after I had given up without managing to hole out (or even get it on the green).
I believe that type of risk-reward calculation is absolutely the sign of a great course.
The other course that came to mind is Anglebrook. It is a RTJ course which I think has some serious flaws. However, for some reason, I always manage to get at least three birdies when I play there (which is a lot for me). But I also always get at least an equal number of "others". In contrast to Ballyneal, the strategic options are much more limited and the score is strictly a function of how well you carried out the prescribed strategy. Just as with Ballyneal, the penalities can be severe if you fail to execute but since your options were limited to being with, it is less interesting.