Tim:
Frankly, you need to play Pebble in order to see firsthand what all the hype is about.
I have to add a good friend of mine was just there and the greens were in horrid shape from what he told me. So, things canbe quite fluid and it pays to know given the high tariff they charge.
The thing about Pebble is that, besides Augusta National and TOC, it's the most observed course on the planet. Everyone has a good idea of what the holes are and as a result plenty of fanfare -- both too high and too low -- can creep into the picture.
I've played Pebble about a half a dozen times at different times of the year. The layout can play easy - when the wind is down -- or very demanding when the wind blows and the greens dry out to be very fast. I can tell you this -- making a 4-foot putt on those greens is one of the most demanding exercises you can imagine.
If you look at the holes in a par grouping -- Pebble does quite well. But there's more to the course than that - Pebble eases the player into the round and then you hit the ocean holes and the first time you are exposed to them it is truly a sight to behold. You then go interior before re-emerging back to the ocean.
The other plus for Pebble is that it offers a high octance array of different holes - much like a first rate boxer who delivers a range of different combinations.
The strength of Pac is it's par-4's -- something Doak has said and agree with. The par-3's are simply not world class
holes -- save for the par-3 17th which is truly fun to play. The 11th is a nice postcard hole -- nothing more for me. The 5th is simpy a filler in between the dynamic par-4's with the 4th and 6th holes. The 10th is likely the second best par-3 for me at Pac. It does require a good bit more in terms of shot control. The short par-3 14th is simply ho-hum. I mean when you compare the likes of PB's 7th hole -- there's utterly no contest.
Tim -- Pac Dunes is a marvelous course and worthy of play by anyone who has passion for quality golf arcitecture. But, Pebble has its reputation and it's one that's justly earned in my book.
I hope the info I have provided is helpful in understanding where I'm coming from on this topic.
P.S. If you asked me which one is the better bargain on the wallet -- head to Pac and enjoy the replay rate that's offerted.