I do whatever makes sense realistically. I try and walk most of the time, as it helps me soak in and enjoy the environment more. But if I'm being chased by a crazed Black Bow Bandit, the only thing I'd be soaking up is arrows, so I might as well run. :shrug:
I'm like this. Most of my characters walk most of the time, only exception is if they've got somebody chasing them. By walking, not only do you immerse yourself in the game's surroundings, but you also avoid 90% of traps and pitfalls. I can't tell you how many times I've had a character who is walking thru some ruins and the floor falls before her. Or a giant blade falls from the ceiling. If she had been running, that would have been the end of her! I play dead is dead, too, so it's more important to survive with as few wounds as possible.
I do have one character who is a theif who runs all the time, though. Runs and sneaks more than he walks. He hardly ever goes dungeon diving, though.