Tim,
The first reason that # 12 is interesting as a golf hole is that you've seen the best golfers in the world play it a thousand times, and now you get a chance to "compete" with them on an almost equal footing.
When you make birdie or par, you think back and ask yourself, how much would _____ pay to have my birdie/par in the 19__ or 20__ Masters.
Or, "I played this hole as good or better than ____"
There's an exhilaration associated with standing on that tee, and it's for a variety of reasons with different golfers.
And, there's an exhilaration associated with having played the hole in par or better, making the walk to the 13th tee all that more enjoyable.
Now back to other reasons
Par 3's are typically one dimensional.
Perhaps that's the attraction of the Biarritz and Redan, they offer playing options.
There's little in the way of playing options at # 7 at PBGC.
Yes, you can punch a lower iron or hit your normal shot depending upon conditions/wind, but, it's strictly target golf with dire consequences for errant shots.
Let's not forget that modern I&B has removed the ability to flight the ball, significantly.
In the 60's, 70's and 80's, many to most good golfers worked the ball depending upon hole location and conditions.
Today, that's not as pronounced.
One of the neat things about # 12 is how it comes on your radar screen as you're playing # 11.
It gets your attention as you observe the entirety of the hole as you walk down the 11th fairway.
Then, after holing out on # 11, you turn your back on it while walking to the 12th tee.
Once on the tee, you turn, see the entire hole before you and now have to decide on a few things.
As was mentioned previously, at 145-155 you're about as close to playing what the competitors play in the Masters.
So, distance calibration and club selection come first.
Then, hole location and flighting the ball, given your, and your caddy's understanding of the influence of the wind, come next.
The water and bunkers loom large in your view because there's not much in "profile" presented by the putting surface.
Distance control is king.
Depending upon your ability, hole location becomes your focus in determining direction and ball flight.
Better players will seek the pin, others will take a more comfortable route.
If the "hitter knows" at contact I think most golfers are instantly informed of their fate, but, distance control and the wind can keep one in doubt until the ball lands.
# 12 is a neat hole, one that holds your interest when you first see it from the 11th fairway until you walk off the green to the 13th tee.
But, what do I know, I never played it on XBox.