Neither of your are naive.
I can only speak from my experience in hunting 1 lion in SA. I was with a very reputable outfitter on a large ranch with a, for lack of a better term, "herd" of lions on it along with ever other animal one can expect to find in the African Kalahari. I can tell you it is very damn real and the lion(s) certainly have the advantage. My family had a very close call who were waiting in what was supposed to be a safer area as the cat looped around us who were in the hunting party. I was pretty sure at one point I was going to be eaten and was absolutely scared shitless on several occasions, not to try and sound tough or anything but I don't scare easily. I hunted buff on the same property after I killed a male lion and had another lion stalk me while we were trying to follow up on my wounded buff. I can't imagine a more real and dangerous situation than that! Lions are smart, crafty, and cunning and I can assure you if stalked on foot the way I did it very difficult to hunt without ending up as cat crap. To that lion I was mother more than a pork chop. The lions on the ranch hunted and killed their food and we found buzzards circling a lion kill and I have it on video. I can't speak for everyone not every place but I can say I have done it and the ranch I was on does it right. I swear to you I felt like I was in a Peter Capstick book and was saying my Hail Mary's hoping I would make it out. I know the ranch I was on was 39000 hectacres and there were cross fences but really the only fences I can recall seeing were the ones when you drive in the gate and onto the property and the one that surrounded the lodge to keep the lions from eating you while at the lodge. In reality the interior fence dividing the lodge from the rest of the ranch wouldn't really keep a lion out anyway and we saw leopard tracks around camp. We had a hellava scare the last night there as it sounded like a lion got in the lodge area and was roaring all night long. Everyone slept with their rifles all night and I don't know that anyone really slept well. We walked for at least 30 or more miles, not in a straight line of course, chasing lion and buff during our time there and fences never became an issue. If done properly like the wonderful folks I was honored to hunt with its every bit as real as anywhere in Africa and I don't give a damn what anyone says, I've done it. As far as regulations are concerned it is highly regulated and every one has to be followed. These are designed to make sure the lion has the advantage and I can assure you every one is strictly enforced. Hell they even limit the number of people that you can have in the hunting party on the actual hunt. Not to mention there is 45 min worth of paperwork you have to go through and sign acknowledging the rules and telling you what happens if you don't follow them. Not to mention the number of waivers that you have to sign in case you get eaten which is a very real and distinct possibility. Let's not forget what happened to one of our PH's last spring and we all saw the video. That was on a "fenced" SA lion hunt too. I know this has started a lot of shit before but I firmly believe these hunts are far more dangerous than those in what people call "wild" lion hunts. For starters they aren't over bait so you are close only feet away at times and the lions have no fear of you whatsoever. "Wild" lions definitely do. Why the hell do you think people get eaten in parks so often, because the lions don't fear you. It's no different and you are no different than any other animal running around the ranch. The lions on the ranch I was on hunted for a living or they didn't eat just as in nature. All the animals myself included were scared shitless of the lions and for good reason. This debate is another example of a few hollier than thou people who have never experienced a SA lion hunt personally. I have and can speak from personal experience. This type of lion hunt has tremendous conservation value. It gives the animals an economic value and takes pressure off of wild lion populations. That's a fact.