To get this one back on topic....
Paul, I played out there 4 times during the period from mid 2001-early 2003, and my feeling was always that it was a very strong track, with perhaps a few marginal holes (#4 being the most glaring, as has been mentioned here before), but requiring the low HCP'er to hit a wide variety of shots to score well...
There are a couple of reverse-cant mid-range to long-ish par 4's that require opposite ball flights off the tee and on the approach, 2-3 very strong long par 3's, a narrow short par -4 with a wicked green, and a strong uphill all the way finishing par 5...
During that time frame, and I may have just been unlucky in timing, they were struggling with a pretty bad nematode problem, I think it was, and the greens were not in good shape. That having been said, when you're used to Harding Park greens circa 1988-1995, they did not detract from my enjoyment of the course in any significant way...
I cannot compare it to SFGC, but as an alternative to the Course, I would think the biggest difference is in the overall strength of the par 4's on the Lake...
As a guest, there was perhaps a more engaging "club" atmosphere at Lake Merced, maybe because it seems downright sleepy compared to the flurry of activity out at the Olympic Club, usually...
In summary, my sense is that Lake Merced is undervalued in some respect, but perhaps only when compared to its negihbors. I would love to be able to "transplant" it up here to the Puget Sound region!
Peter