I live close to MV, and have family in MV proper. It's a nice community with good shopping, dining and recreation opportunities in town. The drive to the airport is perhaps 30-45 minutes without traffic. MV largely serves as a bedroom community for Bellevue/Redmond and Seattle, so during rush hour the drive is probably around 45-60 mins. Lots of new housing out here is going to put pressure on the existing infrastructure, and I expect the traffic situation will get worse. The schools in MV are generally regarded as very good, and a couple of new ones are under construction. You will certainly get more for your money in MV vs the East Side. You'll avoid the headache of crossing the bridge and battling the WA-16/I-5 interchange from Gig Harbor. But the traffic is a wildcard. Seattle and Bellevue housing prices are driving a lot of people to the south suburbs.

Editorial comment: I know that "good schools" are all the craze these days, and people are willing to pay a housing premium for it - but there is a point at which you might just as well send your kids to private school. Also, the Federal Way, Dash Point, and and North Tacoma areas are under-recognized, in my opinion. (But maybe that's just me exhibiting symptoms of "the grass is greener" syndrome.)