Michael,
I was a member there for a few years so I am very familiar with the hole. For a par 5 that plays only 497 from the championship tees, it remarkably holds up well in relation to par.
Tee shot - For the average distance member, it is a straight away tee shot at the right edge of the left bunker which opens the hole nicely. For the longer hitters, you must hit a cut shot in an attempt to carry the right bunker. If you fail to hit that shot correctly, the large fir trees will knock down the ball and create a difficult chance at par. If the long hitter carries the right bunker from the tee, the approach into the green is approximately 190 yards.
Layup - If you chose to layup, it is important to hit the ball down the slope to achieve a flat lie. However, from the flattest portion of the layup, it leaves a blind 3rd shot from about 100-125 into the green making it more difficult to take advantage of the hole. Adding to the difficulty, the greens are normally quick which makes it important to be on the correct side of the green to have an aggressive attempt at birdie.
Going for it in two - A well placed tee shot allows for a long iron, hybrid, or fairway wood approach into the green that is bunkered to the right and immediately off the left side of the green. The 3 bunkers on the right, short of the green, are as sure of a birdie buster as any, as it is an awkward 40-70 distance for the approach off an uphill lie in the sand. Any approach that is pulled or drawing to the left will catch the large oak tree that overhangs the pinched fairway. Hitting the oak tree is not too bad as it is an easier recovery from the left side due to the more elevated terrain. Under most conditions the "run-up" areas in front of the greens play soft, so 85% of the playing season requires the player to carry the approach onto the green. During the hotter summer months, ariel approach shots that land short and right of the green can bound onto the putting surface.
Green - This green primarily moves from back right to front left. Going over the green is a mistake as any chip into back pin positions will run away from the player sharply. Front left pin is the most difficult because the player has less room during the approach for an optimal putt. Right side pin locations yield the most birdies and eagles as the contours are most subtle in those locations.
The 16th is a good hole that can be taken advantage of, especially by the longer hitters that hit a great tee shot. There are a few elements that protect the hole from low scoring. It is important to miss the ball on the left side of the green as it allows for the best chance of recovery.