Tom,
When BUDA visited Hankley a few years ago I came away with a similar impression, having also had high expectations. T's a decent course, there's no doubting that, but then it should be on that land. However, as discussed in another current thread, a great course should ask questions without simple answers. The impression I got of Hankley was that the right shot was pretty clear in every instance. In particular, I don't recall really having to think much on any of the tees, except perhaps the excellent long par 3 7th(?)
I know it has some big fans on here, so I look forward to their defence.