You pay a premium but many of us have concluded it is well worth it. Within 2 years of moving into our then new home near Lone Mountain we had all kinds of horror stories both with our house and with our neighbors. On the second point, CC&Rs and regulations can be onerous but a veritable free-for-all is worse. We had neighbors painting their houses weird colors, storing engine blocks in their front yards, building lean-to's, you name it. We were all too ready to move up to Summerlin when the opportunity arose, and our former neighborhood has gone straight down the toilet.
I might also add that Rhodes Ranch has a bad reputation for build quality. I don't know if things improved under Century's ownership.