Great topic, JK. A theory topic that firmly puts you in the theory camp!
I will go back to what I said another thread (I will remember which one a few coffees from now.....) that most golfers play for camraderie rather than competition or even score. Given that, I would say that overall, anything we can design in to foster comraderie would make a golf course inherently more fun than a similar course.
I postulated that comraderie is fostered by shared experiences. To that end, I think the crazy shots, where getting from point A to B does involve routing through point C (probably the Atlanta airport, since everything else routes through there these days). Other factors could be those crazy edge bunkers or really deep ones, water carries, rolling putts, holes on the edge of par, etc. Basically the criteria would be to give golfers something to talk about at the bar and at home afterwards.
Does the average golfer go home and describe his round to the wife like a Tour Pro - "On 3, I hit driver, 8 iron, 2 putts...." I think they talk about the great shots or big disasters.
BTW, based strictly on watching golfers, I would have to say the $1-$1-$1 bet seems to be the most fun part of golf.