After living in that area for two and a half years and recently moving out, I can honestly say that the area is all hype, and living there kind of sucks. You quickly realize that your apartment is dilapidated, prices are cheap because everything is junky, you avoid walking on Dundas east of Spadina due to what can only be described as the stench of death, you grow fond of the ROW not as a transit corridor but as the only piece of uncrowded sidewalk for miles, and you cease to buy food at local markets once you realize how unsanitary they are - except for the odd store in Kensington. The area is sketchy and relatively deserted at night and once the excitement of living in Chinatown has passed, you just want to move.