I've lived in Discovery Bay for 11 years, am am now raising my 2 boys here, ages 1 and 4. It's a fabulous place to raise a family. Easpecially if you're active on the water! Waterfront and golf course homes provide the best neighborhoods to live in, and there looks like there's a lot of great deals to be had on both.
We recruited our in-laws to move here 3 years ago from South San Jose. They take the train now from Livermore. It's worth it!