Another good question would be does a golf course have to be fun to be great? There was a highlighted quote in another thread where ANGC was said to be only fun for better golfers but also great. Yesterday someone sent me a great article which also suggests ANGC has abandon fun as it's no longer possible to maintain fun and challenge with equipment advancement. It's either one or the other.
http://www.mnuzzo.com/pdf/GAV5.pdfI think there are far more "fun" courses than challenging courses out there today which is required because most golfers are average golfers and get beat up on challenging courses. The course listed by the Original Poster is Pikewood National, a great course but by no means for a beginner or even average golfer.
I think a reasonable fair way to define great (and make this community not look so ugly) is to see if the course fits into 2 of 3 categories ~ Challenging / Fun / Beauty. Fun is really the wild card as it is not part of any ranking criteria. But a good start is to look at a course with those 3 categories then get into more details about each category from there.
So although ANGC may have lost its fun there is no question its one of the most challenging courses in the country and also one of the most beautiful. Fun for single digit and better golfers, arguably not fun for average golfers. I would say its great.
Pikewood National is also rated one of the hardest courses in the country and has some of the best non ocean views golf has to offer. The course is immaculate and with very few rounds played there annually the conditions are spectacular. The course is fun for single digits and better, maybe not so fun for average golfers. I would say it's great.
Pine Valley is also rated one of the hardest courses in the country and has major scale. It has natural beauty and each hole feels like its own amazing piece of property. Again, another course which is fun for single digits or better but arguably not for average golfers. I would say it's great.
Bethpage is also rated one of the hardest courses in the country and like the others list has serious scale. Its routing is also great and the holes are private. It is fun for single digits or better but may not be for the average or worse golfer. I did say it's great.
All these examples score perfectly in challenge, highest allowed by USGA. It would be hard to discount any of them as not great even if they are lacking in beauty or fun, especially if they only lack being fun for just average or worse golfers.