Carl,
In two words, a lot. There is such a wonderful mix of holes and shots found here-uphill, downhill, sidehill shots to be had here. It's never a course where you feel "ach, another long par four", or "another forced carry". The holes all play slightly different. I feel it's routed so well, the holes lay gently on the land.
The player has a so many options available to them-bounce the ball in, fly it to the hole (although, take caution as HV can play very firm). At no point, at least in my experience, does the course feel forced or a hole out of place. There is a great rhythm to the routing and variation in holes. It's a tremendous challenge to play well, but most importantly, at the same time, it's fun to play. The phrase "good members course" is sometimes used as a backhanded compliment to describe certain courses. I'm not a member, but I can see how it is enjoyable for daily play by the members, a good members course indeed, while maintaining the unique ability to be dialed up and test the best players in the district or a state. So, in my usage of the statement here, not a backhanded compliment at all. And it does it without being, I feel, penal or hard by use of trickery or being artificial. The caliber of player this club has turned out over the years is certainly a testament to that.
Actually, I think it's a hard course, but one of the most enjoyable places I have played. Apart from #13, it's very hard to lose a golf ball. I daresay the word "fair". I'm not a great player, I carry a 13 hcp, as a point of reference, but in my opinion, it certainly passes Pat Mucci's test of wanting to go back to the 1st tee, from the 18th green, and play again.