Pat,
I don't know in what way different think of surpassing, but I certainly do not think water features are required for a course to be considered superior. The use of wind, angles, fall-offs, collection areas, the use of existing topography and a variety of ground/air and air demands (such as PV) make up for water.
Frankly, as long as the trees are not pared back and the sandy waste areas remain groomed, I think the course falls enough short of its potential and former position that it should fall a couple of spots.
As far as being a test for all levels of golfers, I don't think PV matches up well with Shinnecock Hills. I absolutely love Pine Valley, it is one of my three favorites in the world. There is no overall experience that can touch it. But it is not completely bullet-proof.