We live in Bentonville, and moved here about 2 years ago from a larger city in another state. Here are the pro's and cons as I see them.
Pros-
Crime is very low here, and there is a ton of outdoor activity(hiking, biking, trails, beautiful state parks). Cost of living is low in housing, though state income taxes and sales taxes are fairly high. There are few mosquitos here in the mountains so outdoors activities are enjoyable! Beautiful lakes nearby - you can live on a lake if you like for a reasonable amount - this is not possible in other places. Bella Vista is a beautiful area but is still primarily a golf/retirement area. The Bentonville Museum is world class(and free). Trails are maintained by professional companies and it has a quaint downtown. Its a good place to raise children. We don't even lock our door sometimes. There are 4 distinct seasons here.
Cons-
Everything in Bentonville has to do with Walmart. IF you don't like Walmart, don't come here. There are plenty of jobs - everyone either works for Walmart, a vendor, or other related company unless they are a doctor/dentist etc. I miss having a variety of friends in diverse careers. Its almost impossible to ride your bike to commute - everyone drives. It is also growing rapidly - and the infrastructure hasn't caught up - so traffic is pretty bad. You won't find any cool local bars or bands, and just chain restaurants. I'm not big on that stuff, but I would like to have more occasionally. I wish there were ways to gather with interesting people here - like book clubs, etc.
Overall its a really nice place with a reasonable cost of living. I recommend it. Hopefully soon I'll have the time to really take in more of these state parks, outdoor areas, lakes and rivers.