Phil,
Are you suggesting that an unimpeded low risk short second shot should be the reward for a risky drive executed well? Or, are you suggesting that the bunkers front, table top green, and runoff back constitute one or two too many risks for a shot that should be rewarded.
One thing that comes to mind is the age old question of how to design a hole that is rewarding to both players like you and me and for scratch players and also for weak players. It probably can't be done. This hole will probably appeal more to the better player who is better equipped to handle its challenges.
Not in all cases. On this particular hole -- yes, I'd like to see the risky tee shot, successfully executed, rewarded with an easier 2nd shot. And I'd like to see the easier tee shot right result in a tougher approach shot. Given the length of the hole, I don't really mind the table-top nature of the green, or the backside run-off, although those are obviously things I'd like to see on the ground before fully committing to that view.
To me, the fronting bunkers left and the orientation of the green are what's wrong with the hole. The shot in with a well-executed drive left is probably 8-iron at most? Maybe 9-iron/wedge for the very good golfer. That doesn't strike me as overly demanding in terms of hitting a table-top green (as long as its re-oriented).
It seems the best golf courses out there, at least those praised here on GCA, are those that find that spectrum of challenging top-tier players while not overly penalizing the average hack. I think Ran's original review of Old Macdonald suggested that was the genius of that course (I haven't played) -- that the average player might find it the most rewarding of the four Bandon courses, while it might frustrate the top-tier player more than any other Bandon course. (I once got in a fairly interesting discussion here with some folks about whether Sand Hills falls into this category -- based on the pictures I've seen, it looks fairly penal, compared to, say, pictures I've seen of Ballyneal. But others disagree quite pointedly.)
Getting back to this particular hole, its length to me offers the opportunity to provide a solid risk-reward hole for a range of players, but would be better off with some changes.