Yes I live there myself in a village called Woodbury. Irvine is split up into "villages" and usually when you ask someone who lives in Irvine where they live they will state a Village like "Northpark" or "Turtle Ridge" or "Portola Springs", etc.
Check out the website here:
The Villages of Irvine – New Southern California Homes
The newest Villages are "Woodbury" and "Portola Springs", both have new homes still available. I couldn't comment on the negotiating as I bought mine in 2006 and didn't have room to negotiate, at that time there was a 500 person waiting list.
There's a new Village across the street from me called "Woodbury East" that was supposed to open this Summer but due to the housing slump they now have a sign that says Summer 2009. Also coming soon is "Orchard Hills" that will be higher end homes but I'm sure very nice.
You're right the price per square foot is high, I could only afford a 2 bedroom condo myself but I'd prefer this condo to a house in almost any other city in OC or LA. It's personal preference but I love it here. I'm within walking distance to over 5 parks in my community, an open space trail, 4 swimming pools, 1 olympic lap pool, tennis courts, sand volleyball, shopping, restaraunts, etc.
If you need any other info let me know...