Gentrification, as I've heard it called, has its benefits as well as costs. As artists (or other creative types, like hackers :) move in and beautify a place, demand from professionals goes up and prices skyrocket. Even with the overall real estate market going down, I'm having a heck of a time finding a combined office/apartment at what seems like a reasonable price in my city, which is currently going through a major downtown renovation.
Their weather is fantastic in the summer months due to the great lakes. Lots of fishing/hunting/hiking nearby if you're in to that. Casinos, Canada (i.e. more casinos, plus legal underage drinking) a number of other cities are all nearby. Hockey worth watching, other major sports that are easy to get tickets to.
The hockey and outdoor activities would actually be quite nice, though I have easy access to good hiking where I live now. A ridiculously cheap summer home would also be fun, but when I think about it, I always come to the conclusion that the benefits of the summer home "feature" are outweighed by the long-term maintenance costs.
[Edit: though if a large hacker-driven entrepreneurial project actually managed to take over a city block, I would seriously consider moving in. I wonder how the music is in Detroit these days...]
If only Detroit wasn't so cold...