LMGC is wonderful, and there's a reason that in the last 5 years it's hosted 2 US Open Sectionals, US Women's Open qualifying, NCAA Regionals, the California State Amateur, US Amateur Qualifying, and the US Girls Junior Championship this summer!
Lake Merced feels very much like a US Open course, which makes sense because it's a Rees Jones course now. I know there are some on here who simply don't like the Rees Jones version of championship golf, and it's true that the holes aren't generally as imaginative as one would find at Cal Club or SFGC in particular, but I find the course a great pleasure to play. It's an equally pure golf experience with Olympic Club and Cal Club, just on a slightly smaller scale.
I think that, for better or worse, if Lake Merced were 7,300 yards, I think it would be on (most) everyone's Top 100 list.
However, the longest par-4 on the back 9 is 414; the others are 391, 376, 335, and 382. Additionally the first 3 par 5's are 503, 516, and 496. I think this might keep LMGC from being viewed as one of the "big boys", although that's not really entirely fair because it's still plenty challenging. It's not as historic as Olympic Club; it's not as dazzling as Cal Club; and it's not as famously exclusive as SFGC. But the quality of the overall golf experience is at least close enough to compare with any of those other three clubs.