Hello springcheer,
Both Pines Lake and Packanack Lake are excellent places to reside in. My family has lived in Packanack since the 1940's (and we plan to stay.)
Packanack Lake is a bit livelier, in the southern section of Wayne, (10 - 15 minutes from Montclair State University, Route 46/3, etc.) The homes are closer together, many people walking/jogging around the lake on nice days, sometimes too many people! Packanack is an extremely family oriented community, as well as Pines Lake, but you can actually see the families in and around the lake.
Pines Lake is a tad quieter, a bit more affluent, and is near the Oakland/Franklin Lakes border. You should definitely take a drive around both lakes and see for yourself.
Comparing the neighborhoods to other towns such as Montclair, Ridgewood, etc... you're still next to it all, but will pay less for a home since Wayne does not have plentiful access to train stations to New York, yet provides NY buses. From Packanack Lake, it will take me 30 minutes to get into midtown Manhattan. From Pines Lake, it may be more like 45 minutes.
www.packanacklake.com
www.wayneschools.com
www.waynetownship.com
http://en.wikipedia.org/wiki/Pines_Lake,_New_Jersey
http://en.wikipedia.org/wiki/Packana...%2C_New_Jersey