We locals refer to Cambridge as the People's Republic of Cambridge... it's pretty funky (except for Brattle Street, which is pretty... stinkin' rich). And it varies a lot from area to area.
The following are generally true of Cambridge, Boston, and the immediate suburbs:
The Good:
Lots of smart people
Lots of nice people
Lots of interesting people and stuff
(Click and Clack on NPR's Car Talk are pretty typical of the many eccentrics what we have around here - two MIT grads that fix cars and have a radio show)
*Tons* of music culture for a pretty small town - but not much opera for some reason
Lots of good cheap food because of all the students
Governance that probably sucks less than every other state (except, of course, for Romney - but the governor of Mass. has virtually no power)
Astonishingly good public schools in many communities - even many of the rich and famous folks send their kids to public school in my city (Newton)
No religious crazies, other than many of the Catholic priests
Healthcare stinks less than any other area in the US (except perhaps Rochester MN)
Athans (Brookline and Brighton) makes the best pastries in the US - on a par with Europe
Sleepy LaBeef occasionally makes it into town
Lots of young people
The Bad:
Housing in Mass is WAY overpriced (but prices are rapidly dropping - finally)
Houses are small, old, and generally not in good shape
Economy is pretty non-optimal these days
Winters are cold (probably better than MI though)
People are not particularly friendly until you really get to know them
Parking is a cluster--k
It takes five years to Fugger out how to drive around town - street layout is, um, interesting
Fresh produce is, by-and-large, abysmal (except on Johnny D's in Brighton, not to be confused with the excellent music venue of the same name in Somerville)
Not a tremendous number of older people - many flee the cold
Public transportation is a mixed bag - primarily a hub and spoke system, rather than a grid like NYC. If there happens to be public transportation that goes exactly where you need to go, you're golden. Otherwise, you're fairly screwed.
High tech is also a mixed bag here - there's a lot of talk about it, and a lot of interesting stuff at MIT, but I can't think of anything commercial and cutting-edge that has come out of Massachusetts in the last 20 years or so - the West Coast is much better in this regard.
Unless you're rolling in dough, you might want to live in Somerville, Med ford, Arlington, Watertown, or another suburb.
Good luck!