The only downside to wood I have seen from beetle-damaged pines is that the wood has areas with a bluish tint in it. This comes from a fungus the beetles start in the tree, which eventually cuts of flow of water/nutrients in the tree. That may limit the use of the wood for appearance-grade work, but probably won't make a difference for structural use.
If you let pine dry long enough (at least 1 year) and burn it hot enough, creosote shouldn't be a real issue. In certain parts of the world, all they have to burn are sappy evergreen softwoods like pines and spruces, and they don't have any worse rate of chimney fires than places with all hardwoods (and think of all the people who have chimney fires from burning only hardwood). In reality, the main downside to burning pine for heat is the low density of the wood, which means it has low heat output and burns fast. But for camp fires, pleasure fires, or short duration heating fires, it can be an OK wood.
The property we recently bought is about 50% loblolly pine, planted in 1991. The rest is mixed hardwoods. We will be cutting down some of the trees to make room for a house and driveway, and I plan to populate about 25% of my firewood pile with pine splits. I will use it for kindling, short duration fires, and throw in a pine split with hardwoods every now and then to keep the fire going. I just can't see wasting the wood, since we won't be cutting enough to sell for pulp. Free low-BTU wood is still better than no wood.
I would also like to keep some of the big pine logs intact to use as beams for projects over the next few years (for instance, I need to build a foot-bridge over a stream, and need to build a ranch-style front gate). I want to figure out how to properly store/stack the pine logs for long term use. I know getting the bark off right away is important.
I have seen limited signs of beetle activity in isolated trees, but nothing widespread yet (it's inevitable to see some activity in any stand of pine). However, about 20 miles away, across a major river, a pine plantation had to cut out about 10 acres to nip an infestation problem in the bud. The idea was to try and save the other 500+ acres of wood. Given the mild winter we've had, that's probably a good idea. Severe winters can curtail beetle activity, but it's been the exact opposite in the southeast and mid-atlantic this year.