i like protective styles alot, but i have to say that the last 3 months i've been sporting my hair in a ponytail the majority of the time. It's funny you started this post because i just decided this morning to go back to wearing my bun everyday.
Tracy is right, you will get sick of wearing it down soon enough. I count a ponytail as wearing my hair down, i've worn it "out" as in no ponytail like 3 times since April and honestly i just dont like my hair out, it just doesnt feel practical. Plus i always feel like it's getting damaged. Even when it's in a ponytail, the underside of my hair will begin to tangle after so long and i have to spend time untangling it.
But to answer your second question, i protect my ends when i wear my hair out or in a ponytail by moisturizing my ends each night and wearing my hair in a bun to bed covered with a silk scarf or cap. this way they get tended to daily and are strong enough to deal with the elements.
With all that said protective styles just are easier and way more low maintenance for day to day. -- jainygirl