Having grown up this area, and technically still living there, plus having a little knowledge of Centex's project Casita on Loftwood, I figured I would put my ?2 in.
First, it is tract not track. A track is something you race around, and a tract is more or less a section of a community a particular homebuilder builds homes in. If you really want the technical definition, I am sure you can google it yourself.
Casita is up pretty high on the hill. You are right on the border of Anaheim Hills. Not sure if by mileage, but certainly for convenience, <a href="http://www.villapark.org/townecentre.htm">the shopping center in Villa Park is your best bet</a>. You have a Ralph's fresh fare, Bagel Me, First Class Pizza (I have heard it has gone downhill with the new owner, so I haven't tried it since), China Panda (not the best Chinese food, but acceptable in a pinch), Rockwells (a great place for breakfast, and nice place for dinner, with a great bakery), dry cleaners (expensive), several places to get your haircut, two Wells Fargo (there is a World Savings that became Wachovia, that is now Wells by ownership) and a B of A, Wayne's liquor, a vet, too many RE agents, a great flower shop, a karate place for the kids, a bunch of other crap, and a 76 station that is always 20 cents higher than the next most expensive station in the area. You can also head down to the shopping center in Anaheim Hills at Serrano and Weir Canyon, but you will find another Ralph's and another First Class Pizza, but you will also find Rosine's for some bomb a$$ middle eastern food.
I know your kids would go to the elementary just past Kendra, which is good. For Jr. High I think, and please double check, they would go to Rancho, and a major inconvenience if you had to drop them off and work in Irvine. While Cerro Villa might be a little better, it would suck nonetheless. It would also be best if they went to CV, because they would go to VP high, whereas most of the kids from Rancho will go to Canyon. Rival schools BTW. Villa Park High looks great on paper, but it has its downsides. At least when I went there, and I imagine it to be pretty much the same now, there was an extreme gap from those who had money and those that did not. There really are not that many in the middle. It could have changed since I was there, but I really don't think that would have changed all that much.
As for Casita itself, it is a clusterfawk of community. There are some units that are not as clustered, and there are some that have decent lots. The ones that have decent lots are the ones in the middle that back to the hill. Forget the view homes, the road noise and dust will make you insane. The traffic will only get worse. This comes from someone who grew up on what used to be a quiet street that was next to stop sign intersection, that is now the busiest street and intersection in the whole community. With what Bren has planned for East Orange... plan on it getting a lot worse. As for floorplans, plan 1X with the loft above the master was my favorite. Granted, the loft was designed for Ikea only furniture, I.E. you take the boxes up there to build it, because there was no way any normal piece of furniture is ever going up there as it won't fit in the slot. It will also get very hot in the loft, which was not a plus for me. I have heard the HOAs are a bunch of Nazis, and that they have painted more red curbs to prevent street parking, but there remains no other guest parking. Also, check out the Mello Roos, back when these places were first selling the total tax base was 1.6%, and now that they are selling for less than what they originally sold for in the first phase... it is probably more like 1.8%-2%.
Driving to Irvine wouldn't be that bad with the newly improved signal at Cannon/Imperial and Santiago, thanks to Bren and the pressure of the communities there. But... and I mean this is a huge BUTT... when the East Orange project gets developed the traffic on Jamboree starting at Santiago will suck big fat rhino... you know what. Hopefully by then I will be out of there, or renting the property. East Orange, plus a few of the "small" developments in OPA will make it a traffic nightmare unless we get the floating Jetson's cars by then. Ack... I sound like a NIMBY, but it is true.
I really hope this helps you see the pluses and the minuses for Casita. There is a lot I like about it, but I don't like what it I think it will be like in the future, especially as a parent. And if this rant doesn't get me a thanks, you better be at the meet up next time, so I can sick no_vas on you in person.