Matt,
We have many mountain courses up here in B.C. but they differ greatly depending on whether they are built in a valley or on the side of a mountain.
For example, Whistler has three courses. Two of them, Whistler Golf Club (Palmer/Seay) and Nicklaus North, are relatively flat, having been built in the valley between the mountains. The third, Chateau Whistler (RTJII), is built on the side of Blackcomb Mountain and has very significant vistas, elevation changes etc. Banff, as well, is for the most part quite flat but it is the vistas of the surrounding Rockies, that make it so spectacular (along with the design).
If the course has significant elevation changes it would tend to be much more wild and rugged simply because it is more likely you will be encountering a lot more rock, ravines and streams you will have to build around. There would also presumably be significantly fewer routing options on the side of a mountain than in the valleys.
The mountain valley courses tend to be more manicured with the long views of the surrounding mountains. Nicklaus North is a good example.