I played this past May, 2013. A wet Spring, so not firm and fast, but I appreciated the course very much. I think the new work done to restore the bunkers, add new bunkers, and add eyebrow fescue was wonderful.
As for the itinerant golfer not understanding why it isn't ranked higher, well the restoration was completed after the rankings for 2013 came out. I think it will jump quite a bit when the new rankings come out. However, that all depends on people getting out to the Hamptons to see it.
As far as the course being short, maybe it is on the card, but being seaside, and windy, I found it played fine for a low handicap amateur. As well, the main defense are the greens and greenside complexes. The greens had great slope, speed and many rolled right into bunkers. Something I also have seen at C&C's Bandon Trails, and I think is a fascinating way to defend the course. Too greedy and a little spin will drag your ball right off the green.