I live in Waterstone near the back of the sub and love it. As for friendliness, you get out what you put into it. Some people wave, some don't. I like my neighbors though.
I don't think the HOA is overly strict, we did have some tall weeds on our lawn before we officially moved in and received a notice, but haven't heard since then. I was able to build a play structure after it was approved. As long as you follow the rules, I don't think there are any problems. If you have specifics as to what restrictions, I might be able to help.
You can go here for some info, you can email the committee and they can probably send you the covenants.
http://www.waterstonehoa.com/
I can see the edge of the 'lake' from my house, but am not sure if it is a retention pond or what. I haven't been over there. I would be leery of swimming anywhere these days due to pollution. The pool in the sub is really nice.
I live toward the back of the sub on a cul-de-sac and feel 100% safe. There are some cut-throughs for traffic, so be mindful of that if you are looking at a house on what of the busier streets.