Pros:
Don't let the 2.5 rating deceive you; Muldoon is a quality course, and really fun to play. It is located in a nice community park, and winds its way through your typical New England woods (I'm sure this place is gorgeous in fall). The layout is solid, making a nice loop with the 18th hole positioned close to the 2nd tee. While only hole 1 is truly out in the open, there were many wooded holes that weren't very tight and had just enough trees to keep it interesting, which I find much more fun and interesting than flat-out open holes.
There are a few memorable holes, like 8, which has you driving from an elevated tee to a low basket and demands a careful (but short) line through the trees. 18 is also very nice; it is one of the longest on the course, and though the fairway is mostly open, the handful of trees are placed just so that you must make a thoughtful, controlled drive to have a look at the pin on your second shot.
Despite the occasional lack of signage, navigation was pretty easy.
The locals were very friendly.
Cons:
As the title, says, Muldoon is a work in progress; my buddies and I actually ran into a guy with a chainsaw who was cleaning up the rough while we played. Most fairways (~16/18) are very well defined, but others could definitely use some work. Also, the tee boxes are just squares of 4X4's with natural terrain under them - more an obstacle than any kind of help. However, the guy working on the course said that he was in the process of removing the back 4X4, which would allow for a decent run-up on most tees.
Not that you really need a run-up: most holes are under 300 feet. The designers made up for this with tight fairways, or fairways that demand articulated lines, or an accurate layup to a landing zone to set up an approach for par. While this made for some interesting holes, they were so short that the risk-vs-reward factor just wasn't there; even my worst drives resulted in bogies, and the pin was usually within reach with my second shot, regardless of where I landed. Furthermore, many of the holes follow the same formula; tight, short-medium length drive through the trees, with a little left-hand fade. While some holes favored lefties, this is definitely a RHBH course, and only once did I have to us my forehand (I'm RHBH). This course certainly tests accuracy, doesn't challenge you to throw a diversity of shots.
Another annoying thing; hole signs omitted tee-to-basket distances - I had no idea how far I was throwing!
Other Thoughts:
Despite this long list of cons, they are being addressed; even as we played, we saw the designer (I assume) massaging fairways and adjusting tee locations. This is a course in flux, and with another year or two of work, it will be a real gem, deserving of at least a 3-disc rating. If you're stuck in Manchester and itching to play some disc (like me), Muldoon park is well worth the half hour drive. It is definitely a feel-good course; I shot +1, while on most courses I'd be thrilled with +5 or even +9. So go on down to Muldoon; I promise, it's a blast.