After the new 1.5 patch, the guard now behaves like a friendly NPC. She just stands around, cooks from her pot, and does nothing like a normal bandit would. In fact, you can walk right up, try to initiate conversation, and all she does is give a normal, friendly greeting. She's not hostile at all anymore.
The current reason for my approaching Valtheim Towers is because I was given a "Clear out the bandits" quest by the steward of Whiterun, and this is my target. I have yet to approach any of the other bandits further inside.
EDIT:
Okay, I went further inside and did some more exploring. All of the bandits at Valtheim Towers are friendly NPCs now. Even the Bandit Chief who's marked as my quest target. No one will attack me, and I can walk right up and try talking to them. All I get are friendly verbal responses. I can take anything that's not nailed down, and no one cares. In fact, it's only when I go out of my way to attack the Bandit Chief that the others finally become hostile and respond. Weird.