Augusta National is great for the game. The club puts on the best tournament of the year for viewers both onsite and at home by maximizing airtime and dollar value for the fan instead of maximizing profits for the club and the tournament. It's the one event of the year where the course itself is the true star, and it's played at a course worthy of such a lofty place in the game and the scrutiny that comes with it. The Masters marks the official beginning of spring for most of us, and the American public's interest in golf peaks for the year this weekend. The club's commitment to the etiquette and traditions of the game reflects not only golf at its best, but society at its best. There is no course that plays a greater role in stirring the desire for the game in golfers both old and new.
Augusta National is awful for the game. There is no club that better reflects or more widely influences the excessive growth in maintenance and land-acquisition costs for golf courses. There is no club that more publicly carries the baggage of years of discrimination embedded within the culture of the game, and The Masters is the event that most publicly stirs the general public's discomfort with the stereotype of a game for old, wealthy WASP men. It reflects golf at the peak of its sanctimony, expense, and exclusion.
Augusta National is a tremendous positive influence on the game, and a tremendous negative influence as well. In that way, it's much like 460cc drivers, the ProV1x, the golf cart, metal spikes, Tiger Woods, 10th Tee bars, beer cart girls, Scotty Cameron, Trackman...