Tim,
I've seen a few balls end up on the back portion of the 16th green but almost all of those instances were from lower handicappers with the ability to hit a high ball which lands softly/with some spin - a shot that isn't in my locker! This is undoubtedly an easier shot to execute than the low running approach I usually try to knock in there due to the increased number of variables at play with the latter option (i.e. where the approach lands, what the first bounce is like, how much check/release the ball gets) which makes it far harder to repeat on a regular basis.
I happen to agree with you that, given the odds, it is insanity for players of our ability to go at that back pin but I don't think that makes the hole uninteresting. Instead it's all about the execution of the couple of shots to get yourself to that position left and/or short of the green to leave the easiest putt up the slope to make par - no mean feat when the wind is up, in either direction but for completely different reasons. This type of golf, where the player has to pull off two solid shots with little room for error, is not representative of the quirkiness NB is typically renowned for (where there are often multiple ways to play holes and still make a decent score) and possibly shares more traits with sterner 'tests' like Muirfield or Carnoustie but nonetheless presents a challenge for the golfer to rise to. This kind of challenge isn't really evident throughout the rest of the course but it's not a bad thing to have one hole like this - were all 18 similarly demanding then I'm sure it would be a different story!
Don't get me wrong, it's clearly a better hole for match play than stroke play, as you've already pointed out, but part of the challenge in playing the 16th during stroke play is maintaining the discipline to play to the area which gives the best chance of par (and almost as important, limiting the damage to bogey) rather than going for the high tariff shot and risk running up double or worse. However, as Ian said in one of his earlier posts, doing this is easier said than done and on the rare occasions I make 4 on the 16th they are seldom straight-forward pars.