I think that streams are by far the more effective and desirable design feature.
For one thing, I think streams present the architect with a more challenging, yet opportunity to demonstrate great design sense. Using the stream as a diagonal, lateral or crossing hazard, or as an integral part of the overall throughout the property drainage system.
Assuming permitting, one can dig a pond more easily, and they can serve the purpose of hazards and water storage, etc. But, in my view, ponds aren't so much a part of the terrain like a natural flowing creek/stream, water course. One can more easily place ponds and I think it makes the hole or corridor design look more artificial. Yes, a pond can exist in a natural state, perhaps with a marshy border, etc. Then, the aesthetic may seem more natural like a stream.
Department of natural resources in various countries and states do have a variety of regulations and restrictions on earth works, shaping or grading near streams. Permitting for ponds is a bit more straight forward. Here, one needs lengthy hearings and permitting procedures to dig a pond or other excavation withing 500 ft of a navigable water way, which is defined very liberally, including water courses that are only seasonally flowing. Permits and variances are hard to obtain. The same is applicable to changing the course of a water way or stream. So, the archie must design around much of that. It makes the archie use more creativity. That leads to better design overall, in my opinion.
Maintenance can be more easily designed into a created pond. Slope can be designed better for mowing machines. Natural ponds with wetland or marshy borders becomes harder to maintain, with enviro sensitive areas between the wet and the fairway/rough areas. Streams are a mixed bag often requiring good erosion and cave-in protection. Rip-rap, weirs, dams are all problematic and need good architectural design knowledge.
Perhaps the most interesting are the 'created streams' with recirculating water. I've seen the ones at Shadow Creed, and Barona Creek (I think the same landscape works company built both). They are aesthetically beautiful, integral to the hole designs, and great examples of what can be done.
I'll take a stream over a pond anyday....