Sean,
On the basis of this review I squeezed in a visit to Portstewart last Friday, before flying home from the BUDA visit. I'm very glad I did.
First, given my liking for Muirfield and the fact that it's clear that we have slightly different biases when it comes to difficulty, I didn't expect to agree that PS is the equal of PR (which is one of my favourite of all courses) and I didn't. It is, however, very, very good. There were gale force winds in Northern Ireland last Friday afternoon and the wind was getting up when I played in the morning. It was also a slightly unusual wind, in that it was straight down the 18th, which became a drive and a short iron!
There's a lot to really like at Portstewart. The 1st tee shot is a spectacular one but, like you, I found the rest of the hole a little mundane. I really can't see it as one of the best in Europe, as claimed. I really liked 2, however, though in the wind I had it played very long. The par 3s are, as you identify, a weakness, though 3 may be the best of a relatively samey bunch. There's no doubt that Portrush wins very comfortably on par 3s! The par 5s, on the other hand are a very, very good set and 4 really sets the tone for them. Not over long (though brutal in the wind!) but really testing. It also was the first example of a feature which Portstewart has a lot of, a substantial valley or hollow immediately before the green.
Whilst the front 9 is more spectacular I agree with you that the back 9 is very strong, too. The entire course is a really good test of driving and makes great use of the terrain. I didn't find it that bad a walk (though on the back of a trip that took in Carne, Enniscrone, Strandhill and Ballyliffin Glashedy, the joy of short green to tee walks may have clouded my judgment) at all. As I mentioned, I played in strong winds (perhaps 25 mph by the end, certainly on the verge of playability) but still found the course very playable. They have the Irish Open there next year, so it will be very interesting to see how the pros cope. If they get winds like I saw, it could be very interesting indeed.