I enjoy a good rumpled fairway as much as the next fellow. But, like everything else, I feel it can be overdone if contrived.
As Brad stated, Greywalls is a very good example of rolling, hmpty-dumpty fairways. But, it is site specific and was necessitated by the terrain. Like wise at Ballyneal, while they could melt down some of the more extreem humps (which I believe they did in areas) that land is supposed to be like that. All credit to the architects that met the challenge of used the resource of the rolling land to route and design great golf.
But, this can be taken to an absurd extreem that doesn't work in my opinion. Moguls ad nauseum, through otherwise gently rolling to flatish terrain becomes goofy, I think. You see some of that at a few Myrtle Beach courses. You see it here in the midwest on tighter soils that are contrived.
In the case of contrived and forced mogul like design-construction, doesn't it become a nightmare of drainage and the architect probably having to come back numerous times to tweak areas that just couldn't be pre-designed to understand the full impact of random drainage across manufactured rolly-polly terrain. Then you get into the minefield of drain caps and bowls all over the place. Balls tumbling along, not usually staying on the interesting sidehill, downhill areas, but gathering and collecting on drain caps where the drop is near enough to be in wet pudding like turf.