I have played there several times, but not since Old Edwards bought the course. It is a spectacular piece of property with several tee shots that drop 1-175 feet from tee to green. It had to be ridiculously expensive to build. It is a lot of fun but gets extremely narrow in places, usually on holes with tremendous elevation changes. There are some much better holes on one of the nines (assuming the've been switched around) that are the equal of anything else in the area.
Highlands and Wade Hampton are definitely the top destinations in the Highlands/Cashiers area. A hugely enjoyable, superbly conditioned course can be found at CC of Sapphire Valley, which you will pass on the way from Highlands to Toxaway. It is a highly underrated track that suffers in that regard from it's proximity to Wade Hampton. Highlands is great, and has a couple of all-world holes, but I really love CCSV. It's a George Cobb, I believe.
I haven't played Toxaway since the re-do. I have heard different opinions. Lou Biago (the long-time pro who used to be the teaching pro at Lost Tree) tells me it is fantastic, while others have said it's a mixed bag. I hope to get up there next Summer to see for myself.