I showed this hole to one of my non-golfing work colleagues last year. He called it a "D!#$ hole".
However, I'm in the camp that it serves its purpose. Penultimate hole, short iron in hand, must hit green. Yesterday's Players was one of the most entertaining golf events I've watched in a long time, and a big reason for that was the drama that happened on 17 between Fowler, Kisner, and Sergio.
I loved the aggregate playoff finish with 16-18. Take arguably the most exciting finish on Tour and make that the playoff. I hated the immediate sudden death on 17, which becomes immediately dull if one hits the green and one hits the water. I like it after you've gone through 16-18 and still don't have a winner. Professional golf is, after all, entertainment. Kisner and Fowler both showed stones on both their shots into 17 in the playoff.
I wouldn't want every course to have one of these holes and I wouldn't want a course full of them. That being said, I'm okay with it and a handful of knock-offs.