Dan Grossman --
Exactly. I had an almost identical experience at Pebble Beach last month. It was my first visit there, I played two rounds and had the time of my life.
My wife and I booked one round more than a year in advance; I asked several weeks before we arrived if I could get on as a single by walking up to the pro shop on Sunday morning, and the reservation specialist immediately got me a tee time. Their policy does not allow you to make tee times for two rounds at Pebble Beach unless you stay three nights, but they were very willing to fit me into an opening.
When the weather looked ominous for our first round, I asked if there was a possibility that my wife could be added to my second tee time on Sunday; the pro shop said they didn't have another spot for her, but we should keep checking back with them. By the time we teed off Friday they had reshuffled some groups and let us know we could both play on Sunday, too.
The golf course was full all weekend despite the iffy weather, but the staff was as accomodating as they could possibly be about getting us out twice.
Pace of play was about five hours, possibly due to a little rain both days (we had sun both days, too.) A majority of groups used carts, and there's no question in my mind that keeping them on the path adds at least a half-hour to your round, even though we walked both days.
By the way, I never saw an alternate tee on #8. Both days I had the blind tee shot over the ridge from the traditional teebox -- I would have hated to miss that experience.
I don't know if Patrick's story about the two gentlemen plunging to their death on #8 is apocryphal or not, but after having walked to the edge of the cliff on that hole and realizing the drop to the beach was even longer than it looks on TV, I can see why they don't want carts on that fairway. They can't put a fence on that cliff -- it would obviously ruin the greatest second shot in golf. Sure, a reasonably coordinated adult should be able to keep from driving over that cliff, even in the fog, but at my course a few years ago I came across a cart that had driven nose-first into a creek and was submerged up the seats. The driver of that buggy was perfectly capable of driving to his or her doom at Pebble #8.