Matchplay is a game of psychological warfare between two people or teams.
It is also a game very often won or lost by the number of mistakes made, rather than exceptional play.
"Play steadily, and wait for the other guy to f*** up" is more often than not a winning strategy.
With this in mind, a good matchplay hole must surely offer a risk/reward element to tempt the player into attempting to gain an advantage with a difficult shot. It is not as simple or obvious as that, though.
Where does the hole come in the flow of the round?
A "great matchplay hole" early on has little significance and will not generally be remembered as having been influential to the result over drinks three hours later. The same hole later in the round could be regarded as the turning point or even the decider.
What is the stroke index or handicap of the hole?
A hole with a very low index will normally involve a shot being given and received. The low man has ground to make up, and must decide between bravery or steadiness. A dull, merely long hole offering few strategic options therefore fails the test. For it to be a good matchplay hole its difficulty must involve challenges other than simple length.
Conversely, a hole with a high index will rarely involve shots. Most straightforward par 3s and short par 4s will almost automatically fall to the low handicapper, and so cannot be viewed as good matchplay holes. A perilous shot at the pin vs. a simple bail out to the front of the green however, can make for a memorable and pivotal matchplay hole.
I would suggest that good matchplay holes are almost universally good golf holes. All holes should aspire to being good matchplay holes.
Why build a hole that isn't a "good matchplay hole"?