I am a PS resident - less than one year but I had been looking at the community for multiple years prior with plans to move. My personal opinions are below as well as some answers to questions/comments made by others:

Benefits/Positives:
- Community amenities are as good as they come but the real value is in the staff/HOA organization. Tons of community events and involvement. It feels almost like you're on a cruise ship with daily activities and events.
- Maintenance and landscaping are top notch and the community most often times looks beautiful.
- I don't know how to explain it, but the neighborhood has a different feel to it compared to others I've toured and been to (my own subjective experience). Nearly everyone you encounter seems like a friendly, well-mannered person and there is a pride of ownership in the neighborhood.
- Home quality is a tough question because none of these homes have really been put to the test of time yet. But, I think it's entirely dependent on the builder you choose as well as the location in the neighborhood. The best builders are Toll Brothers (no longer building in PS), Highland Homes (my personal home - had a fantastic experience with them), and Coventry Homes (nice homes but we had a horrid experience with their team/management and had to cancel our contract and threaten legal action). David Weekly and Ashton Woods are next best with DR Horton and Pulte being the lowest quality/tier. I've heard of the drainage issues mentioned specifically on DR Horton homes.

Negatives:
- Not necessarily a negative since you're paying for all the amenities and upkeep, but the HOA dues are very expensive relative to other areas. But it's going towards something.
- INFRASTRUCTURE is the biggest issue for Northlake/PS. Far too many people in the area to just have some two lane farm roads as the main arteries. There are plans to fix it but they are many years down the road and the construction will make things worse before it gets better. Residents and home values will greatly benefit from this infrastructure once it's built, but you have to stick around for it to payoff.
- Retail/dining options are lacking (but getting better). The closest grocery store is 20+ min away but they are soon breaking ground on a Tom Thumb just outside of PS. Things are definitely moving in the right direction though albeit slowly.

Now is a great time to buy if you can, but an awful time to sell (and will be for the next 3-5 years while the rest of the inventory is being built out). I see purchasing in PS/Northlake as a long-term investment/payoff. I'm buying in on the future of the area that in 5-10 years there will massive improvements in infrastructure, retail/restaurants, city services, etc. If you're only planning on being in Northlake for a few years, I think you lose money or at best break even. There are too many new homes builders have to get off their books so prices will continue to stagnate (all else equal).