For me, the rhythm and ebb and flow of a great course comes more from the variety and sequencing of the holes themselves than from any long and constant build up toward a climactic finish. In fact, a glance at most of my favorite courses played reveals that the majority probably have their best holes toward the early or middle part of the round.
From my personal Top 10:
Courses that Peak Early
Pebble Beach - Things pretty much peak from 3-10 for me. There are some great holes on the back, but nothing to match the drama of those.
Prairie Club (Dunes) - I really love everything from 4-10, and 13 is my favorite on the course. The whole course is good, but that's the peak for me.
Lawsonia - 13 is the last great hole in my book, though I like the closing stretch too. The best run is, once again, from 4-10.
Courses that Peak Near the End
Idle Hour - It's scary walking off 13 and knowing that you've played both your last hole that isn't a par 4 and your last hole that's under 440 yards or so.
Erin Hills - Peaks toward the end. The stretch from 14-17 is really good, and 18 isn't especially interesting but it is beastly.
Courses with a Rollicking, Constantly Varying Ebb and Flow
Whistling Straits - The best hole might be 17, but its nines are so similarly routed and so many of its holes similar looking that it's hard to pick out a crescendo. That's my biggest knock against the course actually.
Blackwolf Run (River) - This one, on the other hand, is pretty much ideal in terms of the pacing of a round. It's constantly mixing tough holes with easier holes, and sporty holes with stout holes, and holes with lots of options against holes that require a good shot. It might be the course I've played where the experience of different groups varies the least after a shotgun start.
The Harvester - Similar to Blackwolf Run. It ends strongly, but then again, 16 is probably the worst hole on the course.
Wild Horse - Pretty much the definition of rollicking.
No. 2 - How do you pick a favorite stretch at Pinehurst?
In theory, I probably prefer the "rollicking" routing that ebbs and flows constantly. On those courses, it really doesn't matter much which hole you start or finish on. I'm not sure every property is capable of presenting such a varied challenge though, and so sometimes the experience can definitely be changed by teeing off on 10 instead of 1.