Like everyone else, to me it just wouldn't feel right having the arts center anywhere other than Fayetteville. And it has nothing to do with geography. Dickson Street & surrounding area has always been rich in culture, diversity, and free thinking individuals. All of which create a great environment for the arts. Bentonville, while a nice town in it's own right, has none of these things. My wife always refers to Bentonville as "Stepford" and I tend to agree.
Another detriment I see in the Bentonville site is the somewhat continual loss of jobs at Walmart's corporate headquarters. If you're spending 100's of millions of dollars on lavish art museums and concert halls while laying off 100's of dedicated employees every year, over time this may create a public relations nightmare. No one wants to stand on the podium at the grand opening and say something like: "I would like to dedicate this Performing Arts Center to the citizens of Bentonville. Many of whom can no longer afford a ticket."