Paul -
I think MV is not a truly great golf course, but a good "collection" of golf holes. Each one presents beauty and challenge and they're certainly all different and memorable. As individual golf holes go, #s 5, 8, 11, 12, 14, 15 and 18 are particularly good IMHO.
On the downside, some of MV's holes seem to fight the natural slope of the land to create the containment that Nicklaus favors (contours that bounce balls toward the middle). It was the first stadium style course (before TPC Sawgrass) so those perimeter mounding features are exaggerated even more. Given an extra point for being innovative... but that's a bit of a backhanded compliment. For me, this gives a the course a contrived appearance and feel. If you're really into this architecture stuff, you're radar is up, and these things I mention are very noticeable. To the average golfer, none of these detractions would even register, so with MV, perhaps ignorance is bliss. Even the streams and features that look the most natural tend to draw out my cynicisms because I know they're most likely the work of heavy equipment and sculpting rather than mother nature.
All this being said, MV has a great golf atmosphere. An invite to the home course in the home town of the game's greatest champion (and designed by him as a tribute to Augusta National - his favorite place) is hard to turn down. Hitting the shots the TOUR pros play is always a thrill... It's just a different animal than most courses I find incredibly appealing. Do I look forward to playing it again...of course. Would I rather check out Double Eagle or The Golf Club or Scioto if given the choice (now that I've played MV twice)?..absolutely.