I've played three legitimate Alps Holes: The original 17th at Prestwick, the 11th at Tain, and the 5th at Yeamans Hall. For me, the Alps is great due to the combination of the heroic blind approach over a large dune or mound AND a wild green. The 11th at Tain lacks a great green, and the 5th at Yeamans lacks a completely blind approach (although Raynor did a good job simulating an Alps on flat ground).
However, Prestwick is great because it has those two elements of blindness and a wild green. I knew what to expect with the second shot there, but I had no idea the shot would be so thrilling. The hole played into the wind the day I played it, meaning that both times I played the hole I had to rip a 2-hybrid over the dune and hope for the best. The green, however, came as a complete shock. The green is shaped like a halfpipe turned on its side. If a golfer misses the green in any direction, he will have a tough up and down but will also have many recovery options. On my second go at the Alps, I hit my second shot left of the green into wispy fescue. I then opened up a pitching wedge and pitched my shot off the back bank of the green. The ball finished three feet away, and I tapped in for par. My recovery was one of the most thrilling shots I hit that day. What other golf hole would yield such a thrill on a chip shot?
From my limited experience, I nominate the 17th at Prestwick as the original and ultimate Alps hole.