Part of the problem, I think, is that nekroturkey's example is in a relatively cramped interieor, where Gyson's is wide open exterior. Given the difference in zoom, both examples fit with my experience.
It can be difficult to run in small spaces, especially if you want to whip through a repeating fireball trap. It can be difficult to walk in large spaces, when you don't want to run.
It would also be nice to be able to *really* run when you're criss-crossing the city, for example, but if the speed was cranked all the time there would be a lot more "Hey, I see *BOOM* a trap!" dialog.
It's always hard to balance conflicting requirements. "Personal preferences" config settings - in the in-game options or in config.lsx - might work. I have no idea how much work that would be, or what would happen in multi-player.
At any rate, I wouldn't want to see the "walk" target zone get as small as nekroturkey's second example.