Great?
Beauty is in the eye of the beholder. Difficult to describe, but let us break it down.
Issues:
Architects- Ross, RTJ, Hills, etc. Certainly many people award points for Ross (even though the course is substantially changed).
History-many majors (though not always won by the bigger names lately)
Routing/design-mildly rolling terrain, bilateral deep fairway bunkers are common, as are greenside bunkers (used to be craggy and flashed up and now not), green complexes are punishing (3-4 elephants/green buried, imparting preferred positioning for approach shot-key to the course), requires thinking/strategy, patience, and equanimity. Great maintenance-the greens are firm and true. Note: an old quote by Ross stating that "God meant for this land to be a golfcourse"-or something to that effect-may have helped set the tone (and to be repeated by more modern architects ad nauseum).
Minuses:
Two busy streets border holes 1-5. Noisy. Hate that.
Far more trees than originally (look in G Shackleford's book the "Golden Age...").
Generalization-Members are not the nicest group you will meet (many loud, salesman types who are VERY high on themeselves and the history of the club). Obviously, one would find a number of people that share interests and are good people, but I am referrring to the "feel" of the place (includes the snobby help).
Practice area is cramped.
Clubhouse remake-the old place had character. The new place is a wonderful, NEW place. Depends on what one defines as beauty (NEW men's grill has overstuffed leather chairs, big screen TVs, very much 3rd millenium).
Expensive-100k and waiting list (not sure how large at this point with the economic woes).
Overall. Nice place. Challenging. Fun to play. Many knowledgable people have the same question you have...
PS-the amateurs made the fairway bunkers appear misplaced by about 50 yards. Incredible. Haas would have had 28 strokes on the front nine in one of his matches (it was in the match play portion of the US Am).