Sean:
How often are the par 5s the best holes on even the courses with good par 5s?
Notwithstanding the statistical mountain to climb for that to be the case with any frequency, I think that when the hole as a puzzle is considered in full, more three-shot holes would be held high and celebrated.
Where three-shotters lose out to a one-shot or short two-shot hole, I suspect, is in the gratification and understanding being slowly drip-fed rather than administered in one swift shot. You can often take in a sub-275m (300y) hole instantly, while a 450+ hole is not as easily surveyed or understood. It takes time, and a lot of people don't like that as much as instant gratification.
That said, at The Old Course (14th), Royal Dornoch (12th), MPCC Dunes (9th), Royal Melbourne West (2nd), NGLA (18th), Royal Cinque Ports (3rd and 16th), Worplesdon (12th), dare I say Burnham & Berrow (13th) there are par five holes that are among the finest handful on the course and have certain claims on being the best hole on the course.
I would also say that a great many of the very good par 5s are really par 4s. In other words, technology has altered the design intent so much that we can't really say the hole plays as designed.
Who gives a cuss what you call them, they are great holes that at least some golfers (probably most golfers) cannot reach in two and perhaps even more golfers are foolish trying to reach in two (which is crucial to their greatness).
Name me some great par fives on which you comfortably hit the green in two shots. I know that even for me, driving about 230-240m, there aren't that many. And part of the genius of many of them is that you know you could just get there, but you know it's wiser not to go for it.
Technology has made many of these holes more interesting for regular golfers, IMO. A hole like 12 at Worplesdon or 16 at Deal seems far more interesting currently than it would have been if I couldn't have had that dilemma of whether to go for the green in two. Likewise short par fours.
The one massive plus of technological advancement in golf might be on holes of 260-300m and 430-460m.