Do i really want an evil poisonious tree in my backyard?

I tasked myself with finding out what the oh so mysterious tree was in my new backyard.  After a couple of trips to the nursery i was told i was the proud owner of a walnut tree!  At first it sounded interesting, but as the conversation continued I was less excited.  Learning about the evils of walnut trees, how nothing can grow around them because they are poisonous, how difficult it is it get to the walnuts even after they fall off the tree ... neither of these things were getting me to leap for joy.  I am not convinced that i want the evil tree.  If it's going to make my vegetable and fruit growing live miserable down the road it's got to go.  It it wants to behave itself and not grow to much, then i think we could come to an understanding.  I think i owe it a full year to show me it's intentions, i just bought the house and the tree has definitely been there longer than me, so it gets seniority.

I could use some help here garden experts.  Do i keep it, get rid of it, or is there a magical medium ground in which we can share the backyard and live in peace?