I'll offer my own answer to the question Josh posed.
Watching the tournament, PGA National has always felt like a course where the decisions players make are mostly defensive ones. It looks to be a tough test of accuracy, but not so much a test of strategic thinking. There aren't many holes where you're tempted to venture closer to the water than is prudent and most of the water's influence is a result of how closely it encroaches on some pretty narrow playing corridors.
In terms of creating exciting viewing, Doral has always been one of my favorite Tour venues. The tournament is consistently exciting and I think a big reason is the way that it features opportunities for players to attempt risky shots for a clear benefit, along with the fact that the yardages of several holes (12 and 16, for example) are perfect for players with modern technology to try to pick up ground with a spectacular shot. There are certainly times when it gets waterlogged, but the bailouts at Doral are more ample than those at PGA National and the watery holes tend to have more angles in play. Holes like 15 and 17 at PGA National really just test execution and are so stringent that players frequently just try to take the water out of play regardless of what else happens, while a hole like 15 at Doral with a left pin offers a stupid play (go right at the pin), a tempting play (draw it toward the middle of the green and let it release toward the flag), a smart play (center of the green), and a wimp play (bail well right). There are just more options involved.
Part of the reason that 18 turned into a dunkfest yesterday is that players are actually tempted to hug the left side of the fairway to shorten the approach. I saw a lot of "good shots" yesterday that ended up wet because players were overzealous in the line they took. While players sometimes dunk it on 18 at PGA National too, the splashes are relegated only to poorly executed shots. At Doral, we see more shots that are punished for being too bold than shots that are punished because of a crappy swing. I also think the urge to hug the water's edge coupled with the nerves of trying to pull it off is what produces some of the trainwreck swings we get on the 18th tee, like that mess of a swing Bubba Watson made yesterday. Sure it nearly (literally) killed a few spectators, but that's a small price to pay for a rare hole on the Florida swing where players are thinking instead of just aiming down the middle.