Pros:
Perhaps overshadowed by the Gold layout, the Winthrop Lakefront course still offers iconic holes in an acceptably open style.
-Dual Layouts: For those not familiar with the property, Winthrop has two layouts, Lakefront and Gold. The two share a fair bit of land, with the Gold layout sprawling around other parts of the campus as well. The Gold course is mainly set up for USDGC, but it's playable in varying pin positions, with no OB rope, year round. The Lakefront course often dissects Gold holes into smaller pieces, and appears to always have all 18 baskets in position.
-Amenities: Turf and concrete tees, DISCatchers (number-coded with red for Lakefront only positions and black for Gold/Lakefront shared positions). There are no tee signs per university request.
-Views: No doubt an appeal of the course. Wrapping around the lake, there are quite a few lovely views. Even the portions not on the lake are no slouches on this well-kept, lush university property.
-Shot Shaping/Gameplay: A mostly open course of all par-3s, but mixing in some additional features and technical holes. There are plenty of sub-250' birdie opportunities with just a couple of trees to contend with, and some longer holes adding to the trees that will require more line drive approaches. Elevation is a major factor on (1), (3), (5), (8), (9), and (15)-(16) and a lesser issue on several others, while the lake is a play element on about five holes. I'd peg the number of technical holes at about 6, which provide good, birdieable variety. It's worth noting that there are a few holes shared with the Gold layout - L(5) is G(3), L(12) is G(8), L(13) is G(9) short, L(14) is a shorter G(16), and L(18) is G(18) short. The shapes on the Lakefront, though easier, are by no means boring, and will require commitment.
-Aura: This one may vary more person to person, but to me, the history behind this course makes it an extra blast. The USDGC is one of my favorite tournaments, and no doubt this property stands out among other tournament properties. It's iconic, and if I thought everybody would have the same feeling, my objective rating would go up substantially.
Cons:
-Signage: No tee signs, or at least no consistent and up to date ones. Several holes have the original, embedded marble in the ground with inflated pars, but that isn't consistent. As others have noted, having UDisc will be very helpful for first-time navigation, even if you are familiar with the gold layout.
-Openness: A fair bit of the course lacks especially compelling shot shaping due to its openness. Those who prefer technical lines won't enjoy it here.
-Water Danger: A definite risk on several holes, especially (10) and (17).
-Geese: Pretty likely to be in the fairway or leave droppings along your route.
-Difficulty: Not going to hold the attention of better players. The age of the layout shows, and it's all pretty birdieable with modern gear and technique.
Other Thoughts:
If you can't tell, I love the Winthrop courses, Lakefront included. It's a beautiful and historic environment with quite a few lovely holes and no big mistakes. That said, I know it's not the bee's knees, and a lot of people may prefer to pass it up from a gameplay perspective. Trying to be unbiased, I've given it a solid Good. I find it very comparable in rating to Rock Hill's wooded counterpart, Boyd Hill.
~Similar Courses: Winchester City Park (Winchester, TN); James W. Olley Park (Walden, NY); Earlewood Park (Columbia, SC).