Tim, there can be no risk/reward without risk. To wish for as much is to confuse "strategy" with being facile. Strategic holes simply require players to make decisions about how to play them such that their skills will yield the lowest possible score. I still don't understand how you can't see that Augusta 15 does exactly that. If you think all holes with forced carries of even a modest distance are too difficult, fine. But don't try to play semantics to suggest the hole lacks strategic options.
Jason,
I probably can't add to what Sven said. For me a "strategic" hole (on an otherwise "penal" golf course) would be something like #13 at Pine Valley. There is a pretty big reward for playing directly at the pin and penalty for pulling the shot left though not necessarily the loss of a stroke (maybe!).
But, you can always safely bail out right avoiding disaster, but, of course, inviting the three putt.
Getting back to Augusta, 15 has the combination of a forced carry and a very difficult lie. I think by definition that tilts it towards penal.
By the way, I haven't said how I would actually play the hole. I barely play golf these days and would need to play everyday for a few weeks to even play at a 15, but here is what I would try playing from members tees:
Tee shot: should be about 220-230. Would try to stay center right.
Second shot: probably a hybrid aiming for left side of fairway, trying to get as close as possible to pond
Third shot: (hopefully from left) aim for left edge of bunker probably with nine iron rather than wedge hoping I neither chunk or thin it, but thinking I have given myself the most margin for error. Kind of weird trying to zig zag but I think this would give me best chance.
I know for certain I don't want to play a wedge from 80 yards. No way.