I've played Pebble and Spyglass once and Spanish Bay three times, and If\when I'm in the area again I would play and PAY again. Bigger "fish" makes no sense? My $495 was just as green as the bigger fish's. I wasn't trying to accomplish anything other than, let me think...PLAY the #1 or #2 ranked public course in the country...
Of the handful of people I know who have played Pebble all say the same thing, it was worth it! Of the people who need to make themselves feel better by saying, "I would never pay that much money to play, and there are just as good of courses out there." that's fine too, BUT until you've played it you're talking out of your ass as far as saying there are just as good of courses out there. IMO, it was worth every penny and I will never forget that round.
Finally for me, remember what Jack said, if he only had one more round of golf to play, he would "play it at Pebble Beach..."