Shivas,
I disagree with your reasoning on when to try to drive a par 4. I don't think it is invalid at all to do it to increase your chance of a 3 (or hell, even a 4, as its hard to fail to get up and down in THREE from greenside unless you hit into a really nasty spot or just plain suck) At least that's the case if you are like me, since I'm better from greenside rough and bunkers than I'd be even if I were allowed to drop the ball in the fairway at my perfect SW distance and ideal angle.
If this just had a low ditch surrounding it instead of a hazard, I'd go for it just about every time (the trees hanging out to the left would give me pause on a day when my hooks are acting up if they continue down to around the green, can't tell from the photo) Playing over the right side of the fairway tree into the adjoining fairway sure looks tempting to me, a better option than trying to either tweak it in there between the cartpath (augh!) and the tree, or hitting PW off the tee or whatever is required to leave me far enough back to just hit over the stupid tree on my second shot. I object to par 4s that require 5 irons off the tee, let alone one that could potentially require a PW!
Big thumbs down here, sorry Tony.