I had the fortune to attend PUCO. I married a local girl and had the misfortune of starting my career in the Portland area.
Portland is an awesome city. I would love to live there.
As an optometrist I will never move back to Portland and not just because the Oregon Board of Optometry is among the least helpful entities I have ever encountered. (You need a separate license for every location!? If you take fill-in work at a location you need to notify the Board before you work there!? If you phone to ask a question you will be met with disgust! A license is HOW MUCH!?)
Everything PGE says is 100% correct. There seems to be a vast oversupply of optometrists in the Portland area. Most new grads and optometric immigrants begin the first few years of their career working multiple jobs to equal full time work. After a few years of this some find something full-time, some go out on their own, and some get disgusted and leave.
The pay in Portland is notoriously low. Just by moving away from Portland (to Atlanta) my pay nearly doubled for fill-in work. A commercial OD I know in GA is jealous of his Portland brethren as they charge the same for an exam, pay the same for rent, but pay their associates half as much (therefore the leasing doc makes more money).
As to a more medical type practice you have the VA, PCLI and any ophthalmology practices that are looking. The day a job is advertised the employer will receive multiple resumes as people are constantly shuffling jobs looking for something better in PDX.
While I was in the Portland area I worked in Forest Grove, Vancouver, Portland, Corvallis, Cornelius, Eugene, Beaverton, and more. Often in the same week. I would gladly drive 100 miles one way just for a day of work in a private practice.
That said Portland is great. Many optometrists are very successful (some of my classmates opened a practice together right out of school and are doing well I believe) and there is always work to be found. What happened to me from 2002-2004 may not happen to you in 2010. If you love the city and are willing to sacrifice just to live there. Go for it! If you just kinda like the city and would rather make money/find something more permanent/open on your own I wouldn't recommend Portland.
Good luck.