Martin,
I can safely say that I have spent more time playing the courses in and around Puerto Banus (due to the the lads holiday which frequents that part of the world every year in the first week of June for the Ryder Cup - 5 europeans and 5 Americans from my Golf Club) than most!
Valderamma is without doubt worth the money. The greens are tiny, I mean tiny! but the condition of the place is spot on.
We played a good course this year called Los Flamingos just up from Puerto Banus, and it has some wonderful golf holes. You cant go wrong with San Roque Old and New where the tour school was held a matter of days ago, Torremalinos is a solid layout, Marbella Club, another great carry golf course, Alcadesia which is down by Sotogrande on the coast overlooking the rock of Gibraltar. Santa Maria is a fun little course as well as Los Naranjos. There is a course on the main road leading to Marbella, called Rio Real which again, is worth a visit as it has so many memorable holes which far outweigh the other less impactive ones.
Directly above Puerto Banus you have got LA Quinta which again is worth a visit, but for spectacular golf up in the hills you cant go wrong with La Cala or Zagaletta the original which is in the most exclusive part of Spain I have been told.
The toughest course I would send you to play is Monte Mayor and I set you a challenge here and now that If you do not lose a ball all the way around, I will buy you a bunch of balls when we finally get our game with Ronan and Brian! It is tough!
Il think of some more.