Thinking a little more about this, one obvious example is Streamsong Red. There is water all over the course, and requires a fair amount of precision (or at least, not a big miss) with the driver.
Another, if you want to call it "great" (hey, Doak gave himself an 8 in the confidential guide!) is my other home course, Stonewall Old. Places water comes into play:
- approach on #1
- drive on #2
- drive and/or 2nd shot on #3
- drive and approach (forced carry) on #4
- creek right of green on par 3 #5
- creek comes into play on drive on #6, unless playing short right, and runs along fairway/green entire hole
- forced carry over wasteland that I think is a hazard on par 3 #7
- pond to left of fairway on #8 (this is way left of where you should be driving)
- must carry same pond for par 3 #9
But then, the back 9 has no water at all.
That said, it's a lot of water - though none is a stupid, water on both sides with a tiny landing area hole. You can easily avoid it if you are sensible and have some degree of accuracy, though you may not like what you are left with if you play too safe. So I like the use of water on the front 9, even though it bites me more often than not.
Incidentally, I have a very similar feeling about Doral Blue. There's a ton of water, but with a couple of exceptions, it's fairly easily avoided.
I think water, like all hazards and features, is neither good nor bad. It all depends how it is applied, what your options are to avoid it, and how it fits into the course.