Definitely a commuter suburb at this point. 40/61/I-64 is being upgraded as speak speak to full interstate standards between Chesterfield and I-70, but north of that, 61 is a bit dangerous, especially around the Troy intersections. In addition, east/west highway 47 is a bit sketchy.
The southern reaches of Lincoln County has become sprawl overspill for St. Charles County, and the new growth is haphazard and dominated by marginal build quality and design. Further north, the land remains mostly farmland and woodland, and Pike county is fairly scenic and dotted with some good looking very old towns along the river, but Troy is at the center of this somewhat chaotic growth.
If you are looking for a large amount of land, an historic farmhouse, or older home in town, and will be working in Lincoln County or north, Lincoln county is a good and affordable choice. If you are looking into buying new and commuting into St. Charles/St. Louis, Troy may be less desirable. Troy is full of nice people, but the area has changed quite a bit, and is growing a bit faster than it can handle (the town can't keep a full time planner on staff for whatever reason).
If you want a little more local culture, quiet, and a nice looking/historic area, Clarksville/Louisiana is a good option along the Mississippi river northeast of Troy. It's a bit of a weekender bed and breakfast area, just beyond the StL commuter shed.
There are other options in the St. Louis area if you want to live in quiet area just beyond the sprawl, Southern Lincoln County may not be the best option...these kinds of areas are closer in over in Illinois. Also, Washington, MO is a bit more cultured version of Troy, directly south, in a more scenic area along the "wine belt," you may want to check it out. It also has access to I-44, which plugs into a much more stable area of St. Louis - e.g. people aren't "running" out to Washington to necessarily "escape" anything unlike the near panic domino effect of sprawl along I-70 corridor.
http://www.washmo.org/