Jon...
To me the temptation is the idea that maybe, just maybe I can drive it...but the risk/reward must be severe if you miss it.
I played Indian Wells Celebrity Course awhile back...it had a 240 yard par 4 hole, with bunkers ranging from 150 yards to 200 yards. No bunkers right in front of the green and the green was not severe. With the fairway VERY fast and firm, I saw many people bounce a 3 wood just past the 200 yard bunkers and roll the ball up to the green. To me that is awful...very little risk and a bunch of reward.
I can't recall the Pete Dye Golf Club of WV 12th hole yardage, but I think it was 270ish. Which is certainly drivable, but due to blindness and the bunkering...it has a hell of a risk, but a real nice reward.
I'll take the PDGC style par 4 everytime.
What are your thoughts on drivable par 4's?