I lived around Indy for a couple years while I was in medical school...had an apartment in Avon (on the west side), and commuted in to downtown most days...only took about 20 minutes to reach the heart of downtown. It was a nice area and very convenient, although not as upscale as some of the suburbs north of town (Zionsville, Carmel, Fishers). I moved away almost seven years ago though and haven't been back much.
I DID about 14 years ago. Does that help?
Southport on southeast area is decent. Greenwood on the southside is nice. Northeast at Carmel or Noblesville seemed alright. Not sure about the west side by the racetrack. These are all outside the 465 'loop' so if you are looking inside it you are on your own. It's not bad getting around the city because of the multiple highways but avoid the downtown on I65 during rush hour. Bad drivers so be prepared for that. Too many times I was nearly run off the road from people reading books while cruising down the highway in traffic...
I think most of this is still pretty valid. The suburbs outside the 465 loop are nicer than most areas inside, although there are a few exceptions...some nice apartments right in downtown (along the canal), and a few good neighborhoods to the north (Broad Ripple among others). Traffic around the city is worst around the northwest and northeast corners of 465 around rush hour, but it wasn't terrible when I lived there...manageable once you learned what to expect. One of the interesting things about Indy is that it's a pretty spread out city, but the multiple highways make it relatively easy and quick to navigate. I could go from my apartment in Avon (on the southwest corner), to the northeast neighborhood of Castleton (all the way on the opposite corner) in about 30-40 minutes with normal traffic on 465, but that same trip might take an hour during the evening rush.
I live in Indy Smurf (or just north at any rate)
Blackhawk and Zach both live nearby as well if I recall.
Zach/Zaxxon lived on the north side, inside the 465 loop, but moved to Denver a few years ago. I pretty sure Blackhawk is a bit farther south and really not in Indianapolis.