Personally, I have had dry-loop DSL for years.
As for leaving your network unsecured so the neighbors can use it, I won’t go on too much about how bad an idea that is (mostly because I would get derogatory to the point of political incorrectness), but I will say that if you want to be neighborly then you can do so without putting yourself at major risk. Well, at least you can if your router has a guest network like mine. That would allow neighbors to use your internet connection while still encrypting your data well enough to not give every stranger who wanders by all of your account numbers and passwords.
Of course, sharing your connection still leaves you open to stuff like this so it is possible that stolen financial information could be the least of your worries. The RIAA is merciless, and the penalties for downloading child pornography are steep, so it pays to make sure that any such activity isn’t done on your internet connection.