Jim,
Where would the clubhouse be if #13 was the finishing hole
These days, #11 is one of the most one-dimensional holes on the course - new trees down the right side of the fairway force tee shots left, which - as you say - brings the pond more into play than ever before. This is penal architecture in many ways. Where's the 'risk/reward'?
I disagree that #13 is 'not nearly the challenge it once was'. I think you've seen the fairway area and green there, right? I don't care what ball(s) or clubs you're using - today's or 1930's era stuff - this is a very, very challenging hole. The world's best golfers simply make it look as though it's not as difficult as it is, or 'once was' on TV during the Masters.
Same with #15. This is a very one-dimensional hole for 99% of golfers - and super difficult, for all, too. None of us are going to go for the green in two, which day after day would leave a short approach from a severe downhill lie to 'that' green. Not easy... and, I only see the so-called 'risk/reward' element really coming into play for the Tour pros.
Moreover, if you think the 252-yard second shot Kuchar played to the 15th green yesterday wasn't 'challenging', we have a different perspective on things
As for #17 and #18, I've never really understood the term 'risk/reward' - entirely. These might not be the best holes at Augusta, but I will say, there are a number of different hole locations on both of these very challenging greens that call for some tremendous shot-making to make birdies, any day. I think the 17th green, in particular, is 'under-rated'.
Again, it's easy to nit-pick holes - the real question is, how would you have looked at that virgin property - that was Fruitland Nursery - with its boundaries, fixed clubhouse location and other restrictions, and come up with with a better finish while at the same time including all of those back nine holes that you love?