I lived in Calgary since middle school and left when I went away to University. We lived in a not-so-nice area when we transplanted from Winnipeg in the '90's. Granted, I was always fine and safe.
After graduation from Uni I got married and we moved back to Calgary. It was lovely. We had our first baby in Calgary. I would avoid the North East quadrant. I am not familiar with all areas, but for the most part, I wouldn't want to live there. We lived in the South, and it was great. Even now in the far south, there are awesome new communities being built, like Chapparel and New Brighton.
I personally would recommend Lake Sundance (Sun Valley?). I worked in that area for awhile and it has a beautiful lake with NHL players houses backing onto it.

If that makes any difference. The houses are not brand spanking new, but are a little older with larger lots. And I find the quality of home built a little before the Oil Boom Housing Marking explosion are of slightly better quality, as it wasn't a huge rush job to complete them. Just my opinion, though.
The quality of life here is incredible. You really pay for what you get. There are tons of awesome activities for any age group, great sports teams, great post secondary institutions, and plenty of jobs for any industry, not just oil. There's a TON of cultural events and of course, the Stampede. Yee-haw!
My husband worked for a large toy company that moved to Mississauga, and we opted to stay here, despite a huge raise and a great promotion. I just couldn't see myself living in "Ontario speed".

Westerners definately "work to live"...not the other way around, for the most part.
All in all, Calgary is great. I wouldn't hesitate to move back...we just moved futher north in the province. Go OILERS!
