I've lived in MEM 36 years.
the good...
1. Cost of living (houses, gas prices, taxes etc) can't be beat.
2. BBQ (but that gets old too)
3. Decent park system, just gotta know which ones to go to without your .45

the bad...
1. crime, crime, crime unless you are way east (collierville/fayette county) or south (MS).

I'd stay away from Cordova....Memphis annexed it and taxes rose, it is next to impossible to SELL a house there, but that means you can get a stellar deal on buying a house there. If you never wanna sell it....
I moved to Fayette CO (35 minute drive to airport) from Germantown and have no regrets......twice the house for the same taxes and zero crime.