I am just a frequent visitor as my wife lives in Portland and figure that I have been spending about 30 - 40% of my time there over the last year... it is a great city with great people.
The Pearl District is pretty high rent... better to visit than live there.
Clinton / SE Portland is pretty nice as it's an older neighbourhood and has a great Indian restaurant, would put you close to several bike shops (you can't throw a rock without hitting one) and it is a pretty walkable area as well with nice shops and New Seasons and People's Food co-op are great place to get groceries especially if you like local / organic as they strive to carry as much of this as possible.
It puts you a short ride from downtown and within short bicycling distance of whatever else you might need unless you end up working in a distant area and then it is always nice to live closer.
KRhea - will be back in October so might have to see what you guys have going on.