I lived in Hoboken for three years while working in NYC. First, I'd recommend living very close to the PATH station. The buses are very hit or miss, depend on traffic, and don't run frequently on weekends.

Also, if you're out in NYC on a weekend and want a cab home to somewhere like brooklyn, it'll only cost you like 15 bucks. However, if you want one to Hoboken, it'll cost you around 50-60... Really a pain when the PATH only comes every half hour after midnight.

Hoboken's where I live and I love it. Rent about 50% of what it'd be in the West Village, just across the river. PATH train makes for a quick commute and runs 24 hours. City is walkable, Fresh Direct delivers, Grimaldi's and Maxwell's are here...

As long as you can walk to the PATH, the loser factor on weekends (Jersey's finest comes to party) is the only real downside.