My favorite course is Widgi Creek in Bend, Oregon (www.widgi.com). Widgi is extremely challenging from the back tees. There are a lot of rewards out there for hitting good shots, and some punishment when you don't.
2 of the 4 par fives are reachable in two but they take perfect execution if you're going to go for it or you will end up in trouble. Hole number 3 is a MONSTER par 5 playing 653 from the back tees - not much fun but a par here sure does feel like an accomplishment.
Other favorites are Finley Golf Course in Chapel Hill, NC; The Preserve at Jordan Lake in Chapel Hill, NC; University of New Mexico Championship Course.