There are probably hundreds of really good drop shot holes, assuming you are not pre-disposed to disliking them. The only real problem is that they've become so popular that it seems that every course feels the need to have one (or three). Many of the best have already been mentioned, but #16 at Wolf Run, #14 at Pine Valley, #12 at Rock Creek, #3 at Gozzer Ranch, #6 at The Alotian Club, #15 at Black Mesa, and #16 at Paa-Ko Ridge are also ones that I enjoy. Jim Engh has built quite a few on his mountain courses--#17 at Lakota Canyon and #15 at Pradera are among the better ones.
Like many other features of design, I like how it creates a bit of doubt in the mind of the golfer. And lets face it, the views are usually pretty amazing too.