Walnut Creek in Charlottesville, VA -- hole 17 is possibly the prettiest hole I've played anywhere in the country. It just makes you want to yell with excitement. Hole is 460' with a vertical drop of I'd guess to be close to 100'. Lake all off to the right, and the basket way down to the left (you cant' quite see the basket in the picture)... a small pond and creek are behind the basket -- crystal clear water back there. Amazing. Simply breathtaking.
Jordan Creek in Whitehall, PA - Hole 8 -- 310' shot over a manmade pond. Slight elevation uphill into a little dell with the basket tucked in the middle. Gorgeous shot.
Buffumville Lake in Charton, MA -- hole 16. I don't have a picture, but it's this epic shot off the top of a dam down almost 600' out onto a penninsula in the middle of the lake. One of the prettiest shots in all of disc golf, and huge risk/reward. If someone has a picture, please post it.
Another hole at Buffumville is a little less a water shot, but is great because of the water. Hole 26 is 315' -- usually upwind -- over a bunch of briars with a huge dropoff to the whole right side into the overflow area for the dam. No way to retrieve discs that flip anhyzer. I've watched people empty their bags on this hole in a tournament, losing all their drivers trying to make the shot. Gorgeous hole.
I'll echo one of the guys from earlier who was singing the praises of the Paw Paw water holes -- those are both epic shots. Especially the 540' downhill over the pond. I've watched some of the bigarm pros crank that and actually have a deuce putt -- so sick it is incredible.
Lake Lewisville in Lewisville, TX, has a couple of pretty cool shots where your drive has to fly out over the lake and back in to where baskets are perched up on the rocks... not as epic as some of these others, but still pretty cool.
Fritz Park in Irving, TX, has a man-made pond with a big fountain, and you can throw through the fountain on the big hyzer or plan skips off the pond... also very cool.
Unami Park in Quakertown, PA, has one of the prettiest shots over a stream ever on hole 4...
http://www.dgcoursereview.com/view_image.php?p=course_pics/2936/9a8dd295.jpg
Nockamixon -- also in Quakertown, PA -- has the prettiest use of water as scenery... hole 2s basket it perched on one of the fastest greens in the country -- sharp slope that goes down a long, long way... but you're up on this hill looking out over the Marina, and it is gorgeous. The water is never a risk to a lost disc, but it is used incredibly well as a backdrop for the shot.
Loriella Park in Spotsylvania, VA, -- Hole 10 -- from shorts and longs the shot plays all the way across the small pond. Gorgeous shot.
Later, also at Loriella, the long pin placement on hole 13 requires that your drive be ~300' up a tight treed alley as a placement, with your second shot as a big hyzer ~200' over the pond to an elevated basket placement on the opposite site. Amazing hole, but no pictures available. It is brilliant because it forces precision on the drive up an alley so you can even have a shot at a par -- and the three is still risky because of the lake. This is one of the only holes I've seen anywhere in the country where the body of water has to be thrown over on the 2nd shot instead of on the drive. This hole requires careful planning and great execution. Most folks have to throw their drive -- miss their line -- and then have to throw a placement shot to set up their upshot over the pond, which is still a tricky shot to park. It's easy to take a 5 on this hole if you're not careful... but a 3 is very doable as well. It's a great hole to learn from.
Last but not least, I'll encourage a look at Cameron East Park in Waco, TX... several shots along/over/beside the Brazos River. The holes look out over the river with the Waco cliffs on the other side. Great view and some awesome holes there...