I don't think there is any question that from a business perspective, par 72 is far more desirable than any other par number. Although, imo, we should be looking to design sub par 70 courses and even courses with par around 62-65. I think this is a much healthier future if we are looking to keep the game affordable, quick enough to play and welcoming for new players (juniors and women). However, I admit to loving short courses with short par, but ones which give up very little in terms of difficulty for the good club players. So no, architecturally, I don't think a par 70 is at any disadvantage to a par 72, but from a business perspective, quite possibly.
Adrian
I don't think we are so different in our likes. I accept that your take is from a more practical business end and that mine is from the niche user end. What really separates me from you is based on two things. Second, I am differeent from most everybody because I insist on value for money and furthermore I can't see why $100 shouldn't buy one a ticket on just about all the good and great on offer. There are far too many good, very good and great courses out there to be taken for a chump by folks who control 125 acres and 18 flag sticks. Second, most champsionship courses don't bowl me over because for the most part, they are homogenized and much of what made them cracking courses to begin with has been either taken out or made irrelevant by toughening measures.
Ciao