I'm being honest when I say that, in tournaments here, you are losing a stroke to the top half of the field if you don't get a 3 or better on this hole. Additionally, the hole previous to this (485 yard par 4) is one that many choose to play as a par 5. Same as I tend to agree that this is more of a par 3 than a par 4, I would have to say that the 15th hole is par 4 more than a par 5. If someone plays it like a par five, it still doesn't change the idea that I feel it should be a par four, albeit a tough one. It's just that many people play it as a par 5 and are happy doing it that way, but that doesn't mean it becomes a par five.
Anyways, I just thought I'd throw in an example of a hole that's almost the opposite, where many feel it is rated a stroke lower for par than it should be instead of a stroke higher for par than it should be.