I kind of live both of these lives at once, and don't see one as dramatically superior to the other.
We have two houses that we do a lot of living in, one at the beach and our standard home (I know, we're really, really wasteful and evil and all that).
In our regular home, there are several town l parks, one of which is about 2 miles away. Its a short drive to the park, and we go there often because its nice to have some place to go. But many times, my wife is dealing with the baby, and just wants to send the other two kids out the door to play. They are too young to go by themselves, but they can handle themselves in the backyard quite well. It just works for us.
Why not have a playground in the backyard? Because of its appearance? I'm far more about living to have fun than looking good.
At the beach, where the kids spend the majority of their weekends and vacation in the warmer outdoor oriented months, we don't have a yard, but we can walk to about a half dozen public playgrounds nearby. We love walking to the parks. The kids have named each of them based on some feature or experience (the dinosaur park, the pug park (they met a pug there), etc.). It's great to have a public park to walk to, but they don't have the same unsupervised outdoor play opportunities there because there's no yard. We're not comfortable sending a four year old out to play on the sidewalk by herself.
Still, I don't really miss the backyard playground at the beach -- there's enough to do -- but we'd really miss it in our standard suburban home.