Oh yeah,
tons of shopping right there

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Waterleaf is just north of the busy intersection of Kernan Blvd and Atlantic Blvd - there is a SuperWalMart that anchors one corner.
Overall, yes, it's a nice area. It's in an area called 'Intracoastal West" and that particular spot is probably the busiest spot in Intracoastal West. So if the business doesn't bother you, then it's a great spot.
Inside Waterleaf itself there are conservation lots (like all the new developments now), so that can help to filter any noise, etc. Also, it is not located right AT the intersection, bu a bit to the north of it, so that helps as well.
2 things to consider about that particular location:
1) There is an overpass coming. Some of the residents really tried to fight it - and they did suceed in delaying it - but it is back on now. There
is an overpass coming (increased traffic noise).
2) There is a small JEA water treatment facility located just outside the entrance. Probably no big deal at all, but I personally would locate myself on the other side (deeper into the back) of Waterleaf just in case there was any odor. I drove through Waterleaf not long ago to scout it out for a friend and I purposely kept my windows open to check for smell/noise and I found no problems.
If Waterleaf doesn't suit you, do check out the surrounding area. I live in that general vicinity and I can tell you that it is super-convenient to everything, the 9A access is awesome, the beaches are under 15 minutes door-to-door.......you've really got it all here

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For the money they are asking for Waterleaf though, you could probably end up with a better location in a resale. There are a lot of neighborhoods in Intracoastal West with the same or similar style housing that are a bit more isolated from noise/traffic and might make a better investment when it comes time for resale.