I've played it, abut 5 years back. I don't remember anything bad about it, conditioning was fine, we enjoyed our day there, but I don't really remember anything great about it either. Quite a bit of water hazards I believe, more than the typical Sandhills course. I've also played Talamore, which I believe they are affiliated with.... And I liked Talamore better.
If MS has a problem, I would say it has the same "problem" a lot of solid but not spectacular clubs in destination locations have. I'm not going to travel to Pinehurst just to play it, and if I'm the average golf tourist who is going to the time and effort to travel to Pinehurst I'm probably going to pony up to play 2, 4, 8, etc at the resort, Pine Needles, Mid Pines, etc., or try to get an in at CCNC.