I looked up the scoring on the hole for the week: it played over par Thursday and Sunday, but the scoring average was 3.6 on Friday. Hole locations matter!
Sunday's scoring average was 4.24 with five birdies, sixteen bogeys, and one double. Seems reasonable to me. The Masters web site highlight of the day on the hole was Colin Morikawa driving it a few yards short of the greenside bunker, and hitting a nice pitch up into the slope to leave himself five feet for his 3.
I agree with Jim S that precise distance control is harder for the pros than it used to be, because the gaps between clubs are so big now. The problem is that precise distance control is just blind luck for 95% of golfers. So, you can really only use it for one or two hole locations on a green at most, and you have to build a green that's easier to hit on the other side. Another example of such a green is the 9th at Streamsong Red. I have attempted this a few times: 8th at Pacific Dunes, 10th at Sebonack, 8th at CommonGround, 5th at The Renaissance Club. We also did a little of it at Memorial Park on holes like the 5th and 8th.
What really makes the hole at Augusta scary is that if you go for it, short and long BOTH get a nasty bounce and roll away from the hole leaving a difficult shot back.