I recently played here for the twilight price in prime season so I didn't have to pay the regular 225 rate just as a disclaimer. I think this is an absolutely premier course. I think there are 2 types of golfers, those that are looking for a beautiful AND challenging course and those that are looking for 5 star amenities such as the things mentioned below in other reviews such as beautiful vistas, top notch service, and such.
This course is a players course, meaning it can eat you alive if you are unprepared for it. The challenge on just about every hole will put your skills to the test so if you are uncomfortable with that, this is not for you. I played Raptor and was very impressed with the condition of the course. The greens were fast and offered many subtle breaks along the way so you really need to concentrate on what you're doing.
As far as service goes, on my trip to Arizona, I didn't find any better than at Grayhawk. Everyone was very friendly and gave us the attention we needed without being over done. I would definitely recommend this course to someone who is looking for a true test of their golf skills.