I've enjoyed my rounds at Torrey, and liked the course more than I thought I would. As most will surely agree, it's a great place to spend an afternoon. That said, I'm hard-pressed to think of a notable course with more wasted potential than South, and I think that is at the root of many people's criticism of the place.
It's not that there aren't some good holes out there — there are, and even more excellent greens. But the routing does not take enough advantage of the cliffs or the canyons, and the maintenance/mowing lines are boring and monotonous and choke some of the life out of it.
It could be so much more, and given the incredible amount of attention it receives, it should be so much more. Just think what a more imaginative architect could do with the property if the city allowed some risks to be taken.
In the end, perhaps much of it comes down to how you prefer your golf. If the acres of lush, green rough surrounding the greens and the relatively narrow fairways does not bother you, or if you aren't bored by all the fairway bunkers being off to the sides, then I imagine you'd get much more from the experience. But if you see all of that and just see a lack of subtlety and imagination, then you'll surely knock the course down a peg, if only to punish it a bit for all the hype.