Pine Valley has long attracted superlatives. It is continually judged as the finest course in the world in large part because many would argue that a) it possesses more world class holes than any other course, b) the finest eighteen green complexes of any course, c) the finest collection of three shotters, d) the finest collection of two shotters (especially those under 370 yards), e) the finest collection of one shot holes, f) the finest three hole start and g) thefinest three hole finish. In between, it has a great halfway house!
Tom, this is what Ran has to say about Pine Valley in the first paragraph of his review. Who am I to argue?!
My own take - it is clearly a challenging course but I never for a moment felt like it was a slog, even when playing poorly. Many things go to contribute to the overall experience at Pine Valley, and they are not all on the golf course. But sticking to the golf, I would echo the comment above - I think it stands out because there are so many memorable holes (2,3,4,5,10,13,14,15,18 at least) , and clearly no weak ones.
Is it particularly strategic? Others may answer this better than me, but my answer would be probably not - its strength lies in it being an exemplar of the "heroic" style probably unmatched elsewhere. It is not that it is necessarily so penal, but that you are often required to hit really good shots and yes, bad ones are severely penalised, but i think I remember the penal rather than the heroic. And maybe to make this more real - I am a somewhat wild, longish-hitting 7 handicap, and I did not lose a ball in 36 holes, though my ball was in my pocket 2-3 times. So not penal in maybe the way you imagine.
I have not played Augusta/Cypress (or Oakmont/Sand Hills) but I have played pretty much all the other top 20 courses in the world (taking the first list I found on Google) and for me, it beats the others simply because it gives a more intense and memorable golfing experience. I would say that only NGLA has produced a similar excitement/enthusiasm. I can't break down why that is in excessive granularity - partly it lies in what I have just outlined, partly in my comments elsewhere in the thread. My judgements of courses are affected quite a bit by the emotions they trigger and the associated memorability of the experience. I don't think I have played another course with nine memorable holes, when the balance are very strong too.