For me it's the best part to live in. Close enough to the city, very close to a decent beach, good transport links and if I go to the beach and turn left, it's lovely coastline all the way down to Sorrento. Still see a few hookers plying their trade (they were harder to spot when the weather was still hot because most women seemed to be walking around naked). I don't see many yuppies about but there are plenty elsewhere in Melbourne, like South Yarra for example. I saw more yuppies in Perth, or was I mistaking Cashed up Bogans for yuppies?
I've not been to the Espy yet, there are loads of excellent places to get pissed round here!