The fact that so many of the greatest holes in golf feature the possibility of a penalty shot would suggest that the principal does not stand. At TOC it's not just 17 but, even more so, 16 that is made great by the OOB. Similarly, 4 at Woking isn't anything to write home about without OOB on the right, so close to the prefered DZ. There are so many. 1 at Prestwick, 17 and 18 at Carnoustie, 11 and 18 at Troon, 18 at NBWL, 15, 16 and 17 at CPC, 6, 7, 8 and 9 at Pebble Beach. The list goes on.