I'm completely torn on this issue, I have been since the day stack fell. I was on stack when it fell. The first thought that popped though my head when I hit the ground was, "Man that's gonna be a pain in the butt to put back up." I figured I was in a pretty bad spot and if I was relatively in good shape then everyone else should be too, but once I figured out the severity of the situation reality stuck that I was a lucky one. There is absolutely no reason to ever be in that situation again, but that being said there is absolutely nothing that can unite and bring together a student body like the blood, sweat, and tears it takes to build the nearly unimaginable structure that was Bonfire just to burn it down, and build it again the next year.
I have no issues with the administration trying to keep it down, I can't say I wouldn't do the same if I were in their shoes, but I can say I absolutely loved it and was out at cut every weekend, unload nearly every day, stack every assigned shift, finding cross ties, setting center pole... It was a unique experience that cannot be replicated, or replaced.
That being said having an on campus bonfire built by contractors other than students is no bonfire at all, it's just a stack of burning wood. Don't do it.
As for Student Bonfire. It was in its infancy when I was in my last semester. I did not participate in it, it just never drew me like the on campus version did. The younger folks from my dorm participated, and it was good to see that tradition passed down (until my dorm was turned into a fish dorm). I have heard that the stack is a safer design. I still have to say be safe, and know that you are dealing with a huge structure and make sure there is some professional over site. That is all.
