The area has gone through same positive changes in recent years, so many of the comments you have been hearing may be based on older perceptions. It is near the Palace theater and some good restaurants. I have left my kids to play in the pretty playground without incident. I hear the homeowners in the immediate neighborhood are very friendly and watch out for each other. That said, this isn't some Park Slope gentrified neighborhood. It is near a somewhat sketchy neighborhood. TBT itself is also mainly residential, although near businesses, so there is not a lot of foot traffic. Given these two factors I would probably be a bit nervous walking around by myself later at night. I have not lived there, though, and I'm hoping others that live there now will chime in.
The buildings are gorgeous there, by the way.