I played Waverley a few years ago after reading the enthusiastic recommendation in Clyde's book. He's absolutely right. The course is charming and utilizes the terrain so well that it does not need any built hazards like bunkers even though I believe it's on sand. Whenever someone asks me about a golf trip to New Zealand I encourage them to visit at least one or two "country" courses as it will give you the feel of how many play the game in NZ. The country courses that I played are all enjoyable with Waverley being the the cream of the crop.
I think Tom Doak's description that he used for Kington in the UK applies with Waverley. It won't be everyone's cup of tea, but for a connoisseur it will be a real joy to visit and play. $15NZ well spent!