My two cents...We decided to rent first and get the lay of the land. There are political/racial/economic borders everywhere here and financially speaking, I've heard it is important to land in the "right" area when it comes to resale, good schools etc. Is that any different from anywhere else? Collierville is nice, plenty of good shopping (but I avoid Walmart too), restaurants, etc. Although my wife and I are both southerners, we've lived in a variety of places throughout the US, including Alaska...the Memphis area isn't near as bad as some make out. We've been happy everywhere we've been (of course happier in some places than others). It is attitude and what you make of it. Granted, I wouldn't want a crash pad anywhere along Lamar Ave but you've got to be realistic and smart.
We'll probably end up in North MS or even Fayette County, TN because we desire a little space and land, something Shelby County can't offer anymore. We're DINKs so we've got different priorities and more flexibility I guess when it comes to living here. So far, so good though. Most folks are friendly, the weather is what I expected and living close to the job has been a blessing. I grew up in ATL and my folks still live there but I have no desire to go back. MEM isn't near as congested and cost of living is definitely cheaper.
As for the local drivers...worst I've ever seen. I can't even begin to describe the I-240 adventure. As long as I avoid contact, it's actually kind of funny to watch. Guess you can add that to the list of local entertainment. Crime is up this year. Many locals in my neighborhood believe it's a by-product of Katrina. Most major southern cities experienced the same thing. As long as the combat stays inside the FEBA (the 240 loop), I'm not too concerned. The local cops (G-Town/Collierville) have a visible presence. In fact, one week after we moved into our rental house, two of C-Ville's finest knocked on the door and gave us a welcome kit. Never experienced anything like it before but it made us feel welcome and secure. From what I understand, they are serious about keeping crime from spreading farther east of MEM. I hope they can.
If you don't mind ethnic diversity, Memphis isn't a bad town. My recommendation would be to look into Germantown, Collierville and other areas on the eastern side of town. The homes are nicer and the area has a better feel than on the western side of town. I don't have children so I can't help you in that respect.
