I guess I'm biased since I was born and raised. Despite the many bad things about Memphis, I guess I've always been indoctrinated with feeling pride in the success of Fedex and the rich musical history that was largely responsible for helping create some of the most influential music humankind has ever recorded.

But yeh, I wouldn't choose to live here...I'm more of a Pacific Northwest person. But unfortunately, I'm anchored.

Can't speak for MEM, but I've lived in Indianapolis for the past 6 years. I know it has a lower cost of living (compared to some other base cities, anyway) supposedly lower than the national average.
North side is the richer side of town... Carmel and Geist being more expensive, Fishers being a good place to raise a family (school system is good there, from what I hear).
Stay away from the east side if you can...

Avon and Greenwood seem to be two of the less expensive, but still close to the airport places to live... provided I'm staying at my current job, I'll probably move to Avon since it's closer to the airport than where I am on the north side.
Outside of the 465 beltway on the southside doesn't seem to be much outside of a truck stop area. There's some decent apartments, and sorta-rural/suburban neighborhoods. It seems like a good spot for future development, imo. Someone correct me if I'm wrong, I don't go down there much.

Someone else mentioned it, Broad Ripple is a great place. Arts district, also the college area for Butler University (so... I'd guess some loud nights and kids wandering around at night). Definitely the place to be if you want to be where the fun is. It's the kind of place with lots of little consignment, self-owned, and non-chain shops and restaurants are, and where local entertainment slaps posters on telephone poles. The river runs right through the middle of it, making for a very nice after-dinner walk.

Other Airports: there's an airfield roughly for each cardinal direction of the city, not including IND itself. (Indy Metro-UMP, Mt. Comfort-MQJ, Greenwood Muni-HFY, Eagle Creek-EYE). The first two I know for sure have rental clubs. Mt. Comfort hosts the annual Indy Air Show in May.

Monon trail - miles of free, public walking/biking trail to keep your medical 1st class. =P Watch straying too far into downtown, though. People have gotten mugged there.

Unless you're a sports or race fan, I'm still not sure what all there is to DO here. I'm sure there's lots of events... they redid the convention center not long ago... I just don't stay on top of that sort of thing, I'm not really sure.

College-wise, if you're interested, there's Ivy Tech (community college), Indiana University-Purdue University Indianapolis (IUPUI... you can go to UI, and get "Purdue" on your degree). Butler in Broad Ripple as I said, and most other state colleges have some connection with IU. Ivy Tech and IU both have some small satellite campuses around town as well.

Winters aside, I like it here myself. I'm not much of a weeks-on-end-of-snow-and-ice person, though.