Played it a couple of weeks ago.
Yes, there's quite a few water hazards.
I can personally get a little "wild" off the tee, so having housing units along the fairway isn't my favorite setup. Plus, it reminds me of a lot of the newer courses here, with houses lining many of the fairways.
But it was in good condition and the staff was very courteous and helpful.
You can also hear the Typhoon Lagoon wave pool and horn on a few of the early holes. The Saratoga Springs restaurants are also right by the clubhouse, providing a nice 19th hole.
All in all not my favorite of the Disney courses, but it was still fun.