In reply to Lupine Lacuna:
We've been up here for the last six years, spent a year living in Kegworth (out to the south, near EMA), then two and a half years in Bramcote (western suburbs of Nottingham) and now live on the southern edge of Derby. I work near the main university campus and my wife works the other side of Derby.
I like Nottingham. I've never had any real cause to spend time in some of the less pleasant parts, but the city centre's fine. Bramcote is nice and quiet, but pretty expensive if you were buying a place. You also end up getting in the car to do any shopping, which is a pain after a while. We thought quite seriously about buying in Beeston, which has a proper high street and cheaper houses - feels more like a large village than a city suburb.
In the end we bought in Derby because it was a bit better value, and it gives my wife a shorter commute at the expense of mine getting a bit longer. Commuting between the two is easy enough - I use a motorbike, cars are a bit more susceptible to traffic obviously. The near edges of both are close enough to make a sensible cycle, but the centres are 15 miles apart so crossing one or both cities is for the keen
I think Nottingham has got the edge in terms of 'stuff to do', but like I say, they're not that far apart.