it's my dream to own tons of acreage one day, idealy at a lake or that has a lake on it. Though most importantly, in a place where I can do what I want and don't have stupid red tape bylaws etc every time I want to build something.
As far as work, it can be as much work as you make it out to be. With that much land, I'd probably build right in the middle, and keep most of it wooded. But if you decide one day you want your own landing strip, or a wide open area, or anything, you can get to work. But you don't have to. Make a small yard, garden w/e and that can be the extent of the work. The wooded area is yours, so no need to worry about ever losing it to some development. So it's still nice to own that much land even if you may not fully use it.
For protection against wild fires I would make sure there is a decent area cut around your actual house, and perhaps look into a sprinkler system and pump that will water the entire area including the roof. Something you can fire up in an emergency before you get evacuated. When there was some fires here some people did that to their cottages and it actually saved it. They ended up with some melted siding and that's about it.