I played both courses for the first time about a year ago. I thoroughly enjoyed them both, but Arcadia is on a far more dramatic piece of property, with or without the lake. And, probably as a result, I recall more holes from Arcadia than from Forest Dunes. Finally, Forest Dunes, while a cut above most courses of its type, does have a lot of similarities to many courses I've played in the Midwest and Mid-Atlantic. For all of those reasons - and taking $$$ and walkability out of the equation - I'd play AB again before FD.