I look at the routing and flow of the course carefully. How the architect gets the round started and builds from there is important to me (I like a hole which introduces the player to the course; representative of what is to come, but not a round-killer nor a give-away- #1 at Sand Hills is a prototype; #1 at Black Mesa as an antithesis).
The angles from the tees and the location of the major design features (bunkers, green sites, surrounds) are of great interest to me. Like most here, I prefer holes with multiple options, though I do not mind at all a hole or two out of 18 where the architect demands a certain shot (#17 at the TPC @ Sawgrass).
I am not a proponent of either pancake flat greens nor those resembling the Women's Putting Course at St. Andrews. I like greens where you can see a variety of contours as you are approaching them, and which promote the confidence that if read and struck properly, that you can get the putt within three feet, and perhaps sneak in a few.
I look for holes which mix up the shots, e.g. a short par 3 followed by a long par 4 requiring a good drive and a mid to long iron. Conversely, I don't like a difficult hole such as the long par 3 #8 at Cuscowilla, followed by a bear of a long uphill par 4, #9 (Coore supposedly does not like to follow up a long shot hole with a more simple one).
Variety of the hole within the one, two, and three shotters is important to me. Particularly on the par 3s, I like the points of the compass concept, more so when 3 or 4 considerably different tee shots are required. In areas where there are significant prevailing winds, I look at the long holes to see if they are typically downwind, and the short and medium length into it (which makes them play more similarly). Likewise for courses on sloping topography- long downhill holes; short uphill ones. I see nothing wrong with a drivable par 4 and a long one which requires a solid tee shot and a long iron/fairway wood second.
Holes that closely resemble others in the round either in the way they look or play are negatives. Wild Horse has a couple of par 4s on the backside with cross bunkering falling in this category. My home course, Great Southwest GC in Texas, has two par 5s and par 3s that play the same direction with similar clubs, and a few par 4s that are repetitive, which, in my opinion, greatly detract from what is otherwise a very good Ralph Plummer/Jeff Brauer course.
I also try not to read too much into the design of the course. I am acquainted with enough architects to know that a number of the features are less the result of design intent than serendipity. Nature, maturation, evolution, and cultural practices (Pinehurst #2) often account for some of the best things in golf. In that context, I am generally in agreement with Adam Clayman's statement about simplicity.
A question that has been addressed here before but never to my satisfaction- can the average player really learn to see a course's architecture in a meaningful way if that person is unable to execute the shots? Can the genius of Thomas's #10 at Riviera be recognized if the player can't drive it close to the green, or due to the velcro kikuyu preventing the bump an round, spin the ball sufficiently to hold the green with a wedge? I am not trying to be provocative; just curious.