I pick a major destination, then pick interesting intermediate targets to visit along the way. After a couple of trips in the 5 - 7 light year range, I'm on my first really long trip. Eventually I'm headed for the core, but I'm taking the scenic route, going by some nebulae along the way. At this point I've traveled about 7 ly and am not any closer to the core than when I started, but I'll be turning inward to the core soon. I don't usually have the chance to play long at one sitting, so I will be out for a very long time.
I think that the reason exploration works for me is that I don't usually play in long sittings, and I find it very relaxing. I'm in the Beta for World of Warships, so I can get lots action and combat by playing that. Exploration in Elite: Dangerous is my chance to sit back and unwind after a long day at work. So for me, added levels of danger is exactly the opposite of what I need, though I understand why some would want it. For me it is a good substitute for a nice long road trip that I can break up into convenient chunks, taking in the sights of the galaxy in between work and helping the kids with homework.