I've listed and sold homes in the LG Mountains, I have a listing now pending, and talking to two others as well. I have dear friends who live in the mountains and they would not consider any place else.
All very good answers below, here is what I have learned about the mountains.
You have areas which have a Los Gatos Address but the schools are not, so if that is important you will need to research the school district.
Mountain people either (1) Keep to themselves or (2) Rally together to help each other out. There are two sides of the mountains and peaks and valleys. This affects commuting, weather, fog, sun, etc.
The mountains tend to loose power first and return power last. Not all water sources are equal and each home is different, individual well, community well, water associations, etc. Just because you have water today, you may not have water tomorrow due to someone down the line using the resource, an earthquake changing the water stream, etc.
Some communities actually are communities in and of themselves, such as Loma Chaquita, Redwood Estates, Los Cumbres, and the like.
If you are on the Summit side near San Jose Soquel Road, commuting lends itself to back roads towards the beach and there is the summit store and of Burrel School Winery for wine tasting. Scotts Valley is it's own Town with plenty of restaurants and conveniences to choose from.
Traffic can be an issue in winter and summer, if it isn't weather related, you can have construction and accident delays then there is the beach traffic and motorcycle noise in some areas.
The mountains are beautiful, mature trees, nature in it's full glory, cleaner air, more space and a lifestyle that once acclimated to is hard to leave (or so I've been told).