Matt,
First of all, I don't "assess" courses — I "enjoy" them. I am not a rater, I'm a lover of golf.
I enjoy Industry Hills based on the total experience — the setting, which is smack in the middle of an industrial neighborhood is a nice surprise; the hilltop routing is exciting; the holes (as said previously: many, but not all) are interesting; and the story behind the place is wildly intriguing.
At all courses I take into account the setting; the routing; the variety/enjoyment of holes; and the story (or lore) behind the place.
To Answer your first question: I'm not that wild about the engineering, unless it is part of the story. That goes for any course. Had The Hideout had a grand engineering story — which it did by way of the radiation mitigation – this would possibly be part of the overall charm. At The Hideout, however, this story is quiet, I think it's the course which speaks for most who visit and play.
At Merion, for example, the story of the reclaimed quarry is a really neat aspect. At Bandon I'm fascinated by the story of how Mike Keiser acquired the property. At The Old Course I'm amazed at the integration of the course to the town — both in physical and emotional terms.
The holes created at any given course are absolutely the most important aspect, but they can be balanced by many other factors.
I have played some of the most charming golf of my life at insignificant country courses in the hinterland of England — I would take that experience any day over some of the "highly rated and regarded" courses on any number of lists. I have played golf on poorly conceived holes that just happen to flank the Atlantic Ocean — again: Great golf and a wonderful experience — it balanced out the awful design and, in my view, would be well worth it...and such places deserve credit. They may not be A+, but they are great in different aspects.
Just because a golf course could have been made better does not mean it should be thrown under the bus.
To come full circle — At Industry Hills I find a fascinating course that is partly made so by the story behind it. Not an A+, perhaps a B-. At another site it may have been a C-