Ladera Ranch resident here to throw in my 2 cents. Firstly, my girlfriend and I bought a small townhouse new back in '04. We avoided all the subprime/option ARM BS and put 20% down on a 30-year fixed, $340,000 after closing. 4 doors down, the same floorplan has been listed at $305k for about a month now, whoops. We always planned on keeping this place as a rental property, so we're not as concerned as most of our neighbors...
Anyway, here's some positives and negatives on LR. BTW, I lived in Irvine for probably 6 years while going to school, so if anyone has specific comparisons or questions, please feel free to ask.
Positives - I work in Trabuco Canyon, so commute is good for me (no freeway!) Girlfriend works in Irvine and takes the train; she doesn't mind it. We don't have kids, but we have dogs and the private dog park is a plus. There are also lots of paths for walking the dogs, jogging, and biking. There are enough green belts and small parks that finding an empty one is very easy. We can walk 5 minutes and be at a pool, a playground, a waterpark, or the skatepark. We can drive 5 minutes and be at Albertson's, CVS, dry cleaners, Chicks sporting goods, a very cheap Arco, and AAA with DMV services. There is great food nearby in Diho Siam, Taco Mesa, Pacific Whey, Beachfire, Jalapeno's and several drive-thru places. Crown Valley is much improved and will be better once the construction is completed.
Negatives - New money attitude. Lots of upturned noses and just plain rude behavior. Until recently, every other jerk on the road drove an H2 with a cell phone in one hand and an iced mochaccino in the other. Those have quickly been replaced with Priuses and minivans, haha. While the community feels very small and quaint, I've had numerous issues with various neighbors. I had one guy try to fight me after I honked at him for driving on the wrong side of the road. Parking has been slowly thinned with more red curbs and now street sweeping tickets. The turnover rate for renters is very high in my little area, so I really don't know any of my neighbors that well. Hot in the summer, cold in the winter, it rains when the weatherman even mentions rain...but I personally like variety in the weather and see this as a plus. Many don't. Santa Anas are no better or worse than Irvine, imo. We do feel cool winds out of the southwest that funnel up the canyon.
In conclusion, this neighborhood is better kept and offers more services than anywhere else I've lived. When the time comes to upgrade to a single-family home, I plan to stay here. If you are an active, outdoors-type, you will really enjoy what is very close to you. It feels isolated while still giving you (fairly) quick access to the 241, the 5, the 73, and Ortega Highway. Don't expect a big yard without paying for it. Expect to be cut off or passed at 70mph+ while driving home on O'Neill. Don't pay any mind to the arrogant attitudes or the judgemental looks you are bound to get from time to time. Watch out for the bunnies. Never have to deal with Irvine PD again!