I'll give my answer as a DM.
I have no preference. On one hand, I set no less than 3 long-term campaigns in my homebrew called Galovinius (what I have documented of it is available for download at my website). Players loved it, I enjoyed running it and developing it, and after a grand total of about six years of running it, I really wanted to ditch it and do something else for a while.
I usually make my campaigns pretty epic, so I always feel like I'm running roughshod over things that I shouldn't in Forgotten Realms. Incidentally, I find the Loudwater controversy amusing because the last FR game I ran, I picked Loudwater to base the campaign around because I thought it would be the last place in the world they would pick to develop. As it turned out, there was already a pretty extensive Living FR campaign set there. D'oh!
What I like about Golarion is that it's designed for numerous epic storylines. I could run the APs, which all pretty much fit my game style, and not run out of stuff to do there. What's more is that with all the diversity of the setting, there is plenty that can be done off the beaten path. I do fear that it could eventually develop the FR problem, but that should be some time away.
Finally, there's Aereth by Goodman Games, which has all the things I like about a published setting, but it's wide open in terms of development, which means that I can blow up sections of the world and no one is going to care. That's one world that is reasonably well detailed, but I can customize it as I see fit. If it weren't for Paizo blowing me away with the whole Pathfinder line, we would actually be using Aereth for the campaign I'm starting up next month.
Galovinius may get resurrected at some point in the future, but I really need to find some new direction to go with it. I feel like I've already blown it up one too many times and the world needs a break for a while.