A 1928 Boston Evening Transcript article claimed it was, "One of the finest natural layouts in the world." I don't know the identity of the author, although I believe Linde Fowler was the editor of that newspaper. You may know Fowler was well respected nationally as a golf writer.
Based upon the map of the course and the limited photos I've seen I believe the course was the real deal. Not long by today's standard at 6500 yds par-70, but plenty long back in the day, and the setting was/is spectacular.
If the course had survived, this is how Wexler concluded the course would stack up today,"But left in its original form, Cedar Bank would surely be among the most talked about courses in New England, not so much for its overall challenge but rather for its marvelous setting, unique history, conspicuous cache of All-World holes."
The choice of the word 'conspicuous' is interesting.