Some peeps have asked me for some more info about the area, so I figured I'd share my thoughts with the group rather than reply individually.
In the interest of full disclosure - I've lived and/or worked in Cambridge since starting college in '94. I know the place well, but am also 30 now, so I'm sure some of the straight out of college people might have things to add.
Generally speaking, it's pretty expensive in Cambridge, as I'm sure you've heard. If you are looking to save money on rent you have two choices: roommates or live away from the T. Prices go way down once you are beyond a 15 min walk to the redline. If you do live on the redline the cheapest fun place is Davis. I sold my car last year and live on the redline in Central Sq, which is a mile from school and a mile from work (one stop on the T each way), which is nice.
Kendall
Cheap, but you won't want to live here, it's business oriented and dead after 5.
Harvard Sq:
Housing/General: most expensive square on the redline in Cambridge or Somerville by far. Easy access to the river/esplanade for running/rollerblading etc. There are also some really neat things along the river here like outdoor salsa and dj dance parties.
Cheap Eats and Drinks:
-Grendels - you can get a decent dinner here for $5 during happy hour. Get a dark and stormy to drink.
-Chez Henri has an awesome cuban sammich you can get at the bar for <$10. Awesome mojitos too.
-Charlies
-Shay's
-Border Cafe has huge portions and decent margaritas. I don't go there much anymore, but I loved it in college (loooooooooong time ago
😛)
-Crazy Dough in the Garage has great pizza.
-Bartley's Burgers
-No, I'm not a fan of John Harvard's.
Upscale Eats: Tons, too many to list. My fave is either Upstairs on the Square or Henrietta's Kitchen.
DJ Music:
I can't quite bring myself to mention the Hong Kong. Oh wait, I did. Scorpion Bowls. Shaaaaaaaaaaaaaaaaady, but you won't remember anything so it doesn't matter.
Central Sq
Housing/General: Cheaper than Harvard, but still on the expensive side. The side towards the river is cheaper but sketchy. The other side is quite nice. About a 20 minute walk to the science center, one stop on the T to Harvard. Access to the river/esplanade for running/rollerblading etc.
Cheap Eats and Drinks:
-India Castle = yummy indian
-Pepper Sky's = yummy thai
-Mary Chungs = yummy chinese.
-Tavern on the Sq to catch a game
-The younger crowd seems to like The Field
-People's Republik is the only place open til 2.
More Expensive Eats/Drinks:
-Central Kitchen
-Green Street
Live Music:
-Cantab (it's a dive bar but the bands are always fun)
-Middle East (wide variety of original bands, catch Humanwine if you can)
-TT the Bears
DJ Music:
-Enormous Room = lounge with yummy food and awesome music. Gets really crowded though so get there early.
-Middlesex = club with decent food. (the mini tacos are cool). This place has gone downhill a bit, and I can't stand lines so you'll hear mixed reviews, but personally I've always had a great time there and generally the music is very good.
Porter
Housing/General: Cheaper to live than either Central or Harvard, especially if you go over the Somerville line. Not much in it for fun, but it does have a big supermarket and little shopping center right in the middle. 20 minute walk to science center, 1 stop on the T.
Cheap Eats:
-Christophers = great
-Wok and Roll = chinese
-There's a thai place I like too that I'm blanking on.
-Cambridge Common (between Harv and Porter)
More Expensive Eats:
-Elephant Walk = cambodian
Live Music:
-Lizard Lounge (below Cambridge Common)
-Toad = great dive bar + music but TINY
Davis Square
Housing/General: Varies a lot. Comparable to Porter but has a lot more going on. Even has a movie theatre you can drink beer at. 2 stops on the T, probably 45 min walk. Easy access to a bike/running path that connects with the minuteman trail for biking/running/rollerblading.
Cheap Eats:
-Red Bones (bbq)
-Dave's
-Blue Shirt Café
-Anna's (burritos)
More Expensive Eats/Drinks:
-Diva = indian
-Gargoyles = french
-Antonia's = italian
Live music:
-Johnny D's (highly recommend)
-The Burren does fun cover bands - thurs is the best.
Hope that is useful.

to everyone getting ready to move, pack warm clothes.
😀