East Hampton Springs

Rented there last summer precisely since you get most bang for your buck. We had a great time and found an adorable house to rent. Ended up buying closer to the city (saving 20-30 minutes on the drive to NYC was a big factor to us), but that said we definitely enjoyed the experience.

Pros -
Best Value. Close to East Hampton and Amagansett Villages (particularly if you aren't too far North) which are long on amenities. Some cute local places (Springs General Store, Round Swamp Farms). Close to harborfront restaurants which are getting better each year (we liked East Hampton Point in particular). Close to some of the club / nightlife areas if you're into that. Close to bay beaches. Not pretentious - historically Springs has had a big artist and gay scene which helps keep things from getting too snooty.

Cons -
Farther from city and South / Water Mill / Bridge (with summer traffic figure drive to Southampton could be 40 minutes) - we found ourselves taking Noyack road (through Sag Harbor) which is pretty indirect but avoids 27. Neighborhood is much more mixed than the rest of the Hamptons - a mix of second homes (including some newer nice ones), year-round blue collar and laborers, some apartments, old school Bonackers, etc. so the housing stock is in varied condition and you will run into more "real people" (for better and worse) than the rest of the Hamptons. So make sure you see your particular block before you rent / buy. This area was very cheap until very recently so there is still a bit of anti-springs snobbishness that keeps prices down. Also it be a bit swampy and buggy depending on location (although no different than NW woods) and be careful you're not too close to the dump!

From our place, the ocean was about 12 minute drive / reasonable bike ride but depending on where you are in Springs it could be as much as 20 min drive.

Hope that helps

By the way - we were off Springs Fireplace Road in a little neighborhood just north of Abraham's Path. We thought that location within the Springs was very convenient.

Thank you for the excellent information!