Its very important, truthfully. But wow factor comes in a different forms as well. The obvious is something like Cypress #16, but it can also be a simple feature like the 4th green at Lost Dunes, the tiny 16th green at Wolf Run, or the uniqueness of having a par three finisher as occurs at Pasatiempo and a few other places. The par three bit only works if the hole is a good one, but its something not every designer would consider.
Aesthetics and memorable features are important. I know some of you love subtle golf courses, but I think most golfers like bold features and big vistas and I don't see anything wrong with that. Nothing wrong with subtlety either, but the audience is likely narrower.