I like camping in the walk-in area, and I do like Burning Man.
The advantage is that it is a bit more quiet. Often (but not always) there is less dust, because there are no roads out there. There is a lot more space, for those who like that And no traffic.
The disadvantage is the distance from damn near everything. You have to be willing to walk or bike more than you would otherwise. And there is no cover from the wind.
I disagree with the "less security" aspect, since that depends mostly on how friendly and alert the neighborhood is. The group I camp with in the walk-in area has been doing this for years, so we take care of each other.
Based on who camps where, I'd have to say that the walk-in area is not for everyone, or even for a substantial chunk of the population. If you like camping, and you prefer the "tent" section to the "RV" section, and you don't mind an extra 5-10 minutes to get to the hub, then it might be just fine for you. Otherwise, you will more likely prefer the city.