Jim,
I've also played RNK multiple times (5-10) and I would concur with your comments. I really enjoy the golf course. When RNK and Stonehouse were built they were ground breaking designs for this area. No courses had the massive size, double fairways, greens with 3-5 drops, and multiple blind shots, etc. Many people are polarized by these two golf courses in that they really liked them or they really didn't.
I would guess that the east side of Richmond was selected because of expected growth that will occur in the next twenty years in the Williamsburg to Richmond corridor. The growth is occurring but not an overly fast pace. Since then Stonehouse has had residential development. Brickshire has opened around the corner from RNK with some nice residential development. RNK is still with out residential development so it has to make it as a daily fee golf facility with a design that requires a lot of maintenance.
I know RNK has had at least three owners and two or three management companies. When the two courses opened green fees were $100+. Today green fees for local residents range between $29 and 49. Plenty of coupons are available for visitors. I consider RNK a great value. But due to the business problems the course isn't all it could be or should be.
In terms of holes, I'm particularly fond of #1, 2, 5, 6, 10, and 15. As you can tell I prefer the front nine. The character of the course changes on 16. The main drawbacks for me is that the course is beyond walking and the typical round takes 5 hours. They don't crack down on slow play.