It's a matter of personal taste, if you own a dog and enjoy walking along a path where you meet other dog owners and such, then you'll find it quite pleasant. It is also in close proximity to Ventura Blvd cafes and shops which makes it convenient and a social plus.
I don't think it's not good or bad. I don't see any negatives. The river does have some paved areas now for bike paths and also makes a nice divider bettween the bustle of Ventura Blvd and residential parts of Studio City. There are plans do unpave sections of it but I haven't heard anything new about it and I think that's more towards Los Feliz and Burbank. There doesn't seem to be any bias that I know about living near the river.
The Reavis Group