Have some insights based on my playing ACC regularly and spending Mon-Sat at the tourney...
The Golf Course
ACC is a stern test of golf, IMO. As others have noted, the membership plays the lake holes first and the hill country holes second. The lake holes are pretty special, and the 3rd (12th for the tournament) is one of the best par 5s in the state (Spieth calls the tee shot his favorite in TX). The back 9 is a beast, esp holes 11-13. Things settle down for awhile and the 17th (8th for the tourney) is a fairly tame par 5, although the pros played it from the one-up tees as a par 4. It was the same tee we play from as a par 5 and even then I've hit 6 iron in so it isn't that long. The 18th is very pretty and very hard, but these guys carved this hole to pieces. They took very aggressive lines and just flew all the trouble down the right and if they executed they would hit SW in. The other 51 weeks of the year this is one of the hardest holes in the state.
As we know with Pete Dye, he gives you lots of things to look at and be scared of. If you can block those things out and see the good areas he has given you to work with, there is some joy in the ACC course. But you really have to be on your game. An errant swing here or there, or a bad decision here or there, and your round is toast.
The golf course opened late last year after a big renovation. All greens were rebuilt and the entire course was re-grassed. Some trees were removed and bunker work took place, as well.
WGC Dell Match Play
The tournament was a great success. The tour has wanted to come to Austin for a long time and the match play event was just the right tournament and ACC was just the right venue. A former tour player and Austin resident and I have had many conversations over the past year about this event and we both agreed that a stroke play event would be tricky at ACC, but match play should (and did) work quite well. Reversing the 9s was great for TV and the fans. Attendance was capped so getting around wasn't that bad. It isn't a stadium course, or a course built for a tour event, so there were some tight squeezes, but overall the fan experience was very good. The venue was quite intimate so fans were able to be very close to the players in and around the clubhouse and practice areas. This event specifically and this town are quite a pair and I believe it will stay past the 3 year contract period.
GCA
Can't post on this site w/o discussing the GCA angle! Someone asked about the land...well the lake holes are great! But this is a tricky site. Holes 1-2, then 8-16 are up in the hills and through homesites. Holes 17-18 are tucked over in another corner of the property, but are still hilly and rocky. Holes 3-7 are down near the water and greatly contrast the others on property. Given the land, Dye did a great job and the re-work was very, very good. However, this is the hill country of Austin and so many holes are just hard and punishing because of canyons and ravines. This is also true of other notable or well-known courses in the area, such as Barton Creek and Spanish Oaks. Austin Golf Club is the exception, as the golf course there, despite being situated in the hills west of Austin, is primarily based in a valley, which makes AGC play more like a parkland style course. In fact, there are no forced carries or water, except for a natural spring left of the 12th green.