Pros:
Elevation, elevation, elevation!
Beautiful scenery pretty much any time of the year
Interesting and challenging holes, despite the relatively short overall length of the course.
Had the course to ourselves on a warm Friday afternoon while school was in session, so I can't imagine it ever gets too congested.
Cons:
Badly worn natural tees
Some long tees are hard to find
Course flow is awkward between 2 and 3 (somewhat) and 15 and 16 (severely).
Campus buildings come into play on a couple holes
Not a ton of variety to the hole types, despite the terrain.
Other Thoughts:
Let's get a few things out of the way up front. Despite my long list of cons I don't hate this course. I recognize that the people who built it did the very best they could with the land available. Like others have said, I would not want to lug concrete up to some of these tee locations. I would rate this course a full point higher with concrete tees, but realize it's unrealistic. We only had one muddy tee the day we played, and both times I played that hole I realized this course would be extremely difficult to play on anything but a dry day.
I get the impression that the short tees get much more play, which is too bad. The course is very repetitive from these tees, but they were where my guide wanted to play from. I think some of the long tees open up different lines and might make the course feel less repetitive (as an example, holes 1, 11 and 12 are basically the exact same shot, just with slight tweaks to elevation and obstacles).
With the complaints out of the way, let's talk about the elevation. Flatland disc golfers will have NO idea how to approach some of these holes, and even players with experience dealing with elevation will be granted the opportunity for some memorable shots. Sisyphus talked about the plateau green on 7 without mentioning that it's the size of a postage stamp. I felt lucky to hold it the first time, and got lucky enough to miss right the second. DON'T miss left for any reason! For me the most memorable shot was 14. You throw a steep uphill shot for 13, climb up and throw back down for 14. Watching my guide just barely let the disc fall out of his hand, and then park the hole made me realize just how much touch would be needed here. Miss short, and you're down a nasty gully. Miss long and you're even deeper down a steep ravine. Scary stuff!
I played this course on a calm, warm day and enjoyed it thoroughly. On a day that was rainy, windy, or otherwise inclement, I'm fairly certain I'd have hated it, so factor that in when you choose to play this baby for the first time.
In a perfect world I'd probably skip most of the campus holes, although 1 and 18 are pretty good. 5-15 are where the fun is, and are the reasons this course is rated as highly as it is.