In his In My Opinion piece, Dan Wexler writes "For the purpose of The Masters, it is difficult to argue that the current hole – despite offering little more than two really effective
pin placements on a larger-than-average green – isn’t far better suited to the rigors and excitement of modern tournament play.
For the membership, however, the old sixteenth might have held more charm (and obviously more MacKenzie flavor),
particularly as there was room to lengthen at least its left-side tee considerably. "
It seems that most of the evaluations on this thread are not divorced from the idea of tournament. Personally I think I would find the hole less than enthralling for my play, and for my buddies play. Having a pond up next to a green is not something I am fond of playing.
So it seems that if tournament drama is what you want in a golf hole, then 16 fills your ticket.
But, if you want a golf hole that the average player will find fun, then 16 falls well short. Even if you think the challenge of the pond is fun, the people playing with you are going to be upset watching plunk ball after ball in the pond.