Dean:
One of my favorite holes at WS, and Pete Dye is on record saying it's his favorite hole on the course. When I watched it extensively at the first PGA held there, it truly did seem like a risk-reward hole; I've long thought Singh won the championship on that hole because he aggressively went after it with his tee shot, leaving a little chip (50 yards?) that he placed quite near the hole for a pretty easy birdie, and a stroke advantage over Leonard and DiMarco, who played more conservatively off the tee. To me, it has one of the best uses of a Principal's Nose bunker concept I've seen on a major championship course.
Played conservatively, with an iron off the tee, the hole no doubt will yield many birdie opportunities with good wedge play. But it's also a tricky little pitch with trouble surrounding the green, so birdie isn't assured. Driving the green could potentially yield a run at eagle, but that's a pretty risky proposition, it seems (although no doubt folks like Bubba will try...). A controlled drive -- perhaps with a 3-wood -- left of the Principal's Nose bunker, to a small shelf left and beyond that huge bunker, results in a pretty easy chip and a birdie putt that should be no more than 10-12 feet.
Two other factors of note: it's a deceptively uphill drive -- not egregiously so, but carrying that center-line bunker is a bit more of a chore than one might think on the tee. Also, wind can be a real factor there. WStraits is something of an out-and-back course, once you hit the portions of the front and back nines that run alongside the lake. The 10th plays at an angle toward the lake -- a fresh breeze off the lake, or a strong following wind out of the west, can play havoc with tee shots there.