Given the amount of replies, and some enthusiastic ones at that, I'd have to say the short par three is pretty well received by the brethren. Not many opined on same relative to architecture, rather they listed favorites, so I'll take a stab at it.
Most players think that they can putt, regardless of their handicap. They also think they can hit a green from short range. They know they can't hit wedges to 485 yard par fours or reach fives in two, but the short shots they think they can handle. Thus the inclusion of a shorty might be really good.
The good player anticipates that he can hit this green or maybe even stiff on, so they anticpate good things happening. if they miss the green their is some real pressure not to make a bogey.
The scratch or tour player knows the half shot is one of the toughest shots in golf. Throw in some wind or nasty bunkering and you just might have something special with these little devils.
The obvious downside to building them is the maintenance, both on the tees and the green.