I live at the northern edge of Merion Village, near Schiller, and we really like it. It's getting harder to find a good sized fixer-upper in German Village, but there still are a few in Merion Village. Larger yard sizes (compared to German Village) are also nice.
Lots of younger people are buying - I think my block on my street alone has seen five houses sell in the past two years, and all of the new folks seem to be younger than 40, many in their 20s.
Most parts of Merion Village are close enough to downtown to bike or walk to work - it takes me 30 minutes to walk from home to my office, or about 10 minutes by bike.
We've been lucky to have avoided any type of crime, though we do hear police helicopters not infrequently. With Parsons Ave. undergoing the first signs of a renaissance, I feel confident that the neighborhood will continue its upward trajectory far into the future.
If you do end up here, be prepared for Halloween. You'll go through a TON of candy.