Definitely start interviewing good agents when you're ready to get out looking. It's important to have adequate representation.
I would agree with both Jack and Aaron's answers. You can find some good deals in these areas, but, the majority of the housing stock in these neighborhoods is at the upper end of home prices in the entire Twin Cities area. With down payment requirements for homes above the FHA limits exceeding 15%, you may need a large chunk of money just to buy into this neighborhood. This, in and of itself has drastically impacted the pricing of upper bracket homes, as many of these homes could have been bought two years ago with little down payment. Additionally, it has been said that as of April 1st, Fannie Mae and Freddie Mac will be imposing an additional 3/4 point to the fees for borrowers that have less than 25% down payment! So, now is the time to act, and find an agent that can guide you through this turbulent market!
Not sure how you heard about these neighborhoods, but they are awesome! All three offer easy access to restaurants, shops, highways, not to mention lakes! Most have maintained their market value -- specially west of Hennepin - the closer to the lakes or to the Walker, the better.
Because of the current market conditions you are also able to find some great deals in these areas. While we cannot predict how the market will fare in the future - these areas are vibrant and offer a very fun lifestyle!
You did ask about pros and cons - the cons -- if you do have to sell - the market time may be longer due to the price brackets. Wishing you the best regardless of your decision!
East Isles, Kenwood and Lowry Hill are all strongly desireable neighborhoods with good housing stock and a great location.