Bob,
I think your thoughts on the Preserve are on the mark. My one round there (okay, I'm not an honorary member yet) was pure fun, just myself and one of the pro's scurrying about in three and a half hours. Neither of us lost a ball, the scenery is absolutely stunning and the sight of a golden eagle in the distance was inspiring. As for the course itself? While not full of the strategic options I prefer, the layout is fair and straightforward. The perfect conditioning you mention is a joy to play on, and the greens do have some wicked contours (number 9 rocks).
However, I have the strong feeling that the Fazio group decided not to take any risks, a choice that causes the course to suffer in my humble opinion. I just cannot help but feel like The Preserve should be more than just a fun and pristine place to play golf. With a setting as good as any inland course in the country, which I believe it to have, The Preserve should be battling Pac Dunes and Sand Hills in reputation, not Stevenson Ranch or Saddle Creek. There are just not enough ways to play the golf holes, and with 20,000 acres, there is just not excuse.
And yes, Scott, I took my hat off in the clubhouse (these rules are so oppressing!).