There's been some talk in the buildup to the Open that the Postage Stamp is the best par 3 in the world. If it is such a good hole (and I don't doubt that it is, although I've never played it), why isn't it copied more often? I can't think of many courses that have opened recently that have incorporated a difficult sub 130-yard hole. Is it just too difficult to design? Does it have too much of a negative impact on the total course yardage (i.e., courses that "need" to be over 7,000 yards)? The 7th at Pebble also gets all sorts of accolades—you'd think that those holes would be mimicked all over the place.
My home course has a par three that plays anywhere from 120 to 140. It's not a great design, but the small green falls off on all sides, making a miss incredibly penal. I've probably made more double bogies there than on any other hole on the course—and that's with a wedge in my hand hitting off a perfect lie.
The commentators like to say that every course should have a driveable par 4, at least one reachable par 5, and a long (200+ yard) par 3. I'd like to see a very short (but difficult) par 3 added to that mix. The really good ones are few and far between.