I would suggest that "The Road Hole" is a great hole for a whole bunch of reasons. There is nothing remotely "formulaic" about it, that's for sure, and that fact alone has a ton of meaning. Is it "out of character"? Probably, but what does that mean exactly and isn't "in character" just another type of formulaics? Is it fair? Whoa, not even close but what's the big deal about "fair"? Does it have options? You bet it does, but not the kind most people think of as design options! It has the ultimate progressive options (or whole hole options) of do you want to try for a birdie or par the hard way or settle for a relatively painless bogie? Or do you want to try to make a birdie or par the high risk way and maybe settle for something far worse. The hole produces a huge spectrum of scoring and a huge spectrum of thought and that to me is a pretty good test and barometer of a great hole. So much so in fact, that its par designation is almost meaningless and it then becomes a hole of the ultimate mano a mano, and what a great position to have such a hole!
If the "Road Hole" is such a great hole then why hasn't it been copied more often and really never has been except by MacDonald and then Raynor? Probably for all the reasons cited above. A guy like Lanny might conclude because architects "just ain't got the guts!"
Lastly, to use GoeffShac's very interesting "actual golf situations" as a reasonable test, this one story alone would make it great in my mind. I think the story has been reported once on Golfclubatlas but I'll do it again and if I get a small fact or two wrong in the story I'm sure Linc Roden or Dick Sayers will correct it.
This took place on the "Road Hole" in the Walker Cup, probably in the 1950s or early 1960s. Bill Hyndman (of Huntingdon Valley) was in the last match of the last day of the Walker Cup. The captain was none other than Bobby Jones! Jones had told his team before the start of the Walker Cup that under no circumstances were they to try to hit the "Road Hole" in two.
Jones advised Hyndman on #17 that he needed a birdie and a par to halve the walker Cup on either of the last two holes and birdies on both to win it. Hyndman hit a great drive and Jones then took his directive off and told him to try for the green if he wanted to do it. Hyndman hit a spectacular shot onto the green and birdied "the Road Hole". Hyndman then parred #18 and secured a tie in the Walker Cup matches.
A few weeks later back at home in Huntingdon Valley Hyndman received an unexpected package. In it was a big photograph of "The Road Hole" from Jones with an inscription by him that read; "The single greatest shot I've every seen!" The photograph hung in Hyndman's house proudly for the rest of his life.
Any hole that can produce something like that is definitely great in my opinion!