• Yes, parts of the area look a little rough, but the neighborhood has EVERYTHING you can possibly need within a 10 minute walk
• Probably one of the best connected areas in terms of bus routes in the city. You can get just about anywhere in London using any of the bus routes that cross the roundabout
• It's safe. To be honest, it occasionally does look scary, and you don't want to be wandering around the Heygate Estate (finally due for pulling down in September) at night, but I've experienced no situations at any time, day or night.
• Let's face it, it's the last area that is technically in Zone 1. You can walk to Trafalgar Square in 35 minutes. There are no further areas on the border of Zone 1/2 where you can pay approximately 490-550 for a decent room, excepting a few rare flats in Shoreditch/Hoxton (which is still kind of far from central London, unless you plan on basing yourself in East London for everything)
• Colombian food and drink galore! Also the Latin American community in general really brings a lot of energy and heart to the area
• E&C Shopping Centre has super low-cost bowling and pool, plus you have Ministry of Sound basically on the Southbank campus; you're also a 10 minute walk to Borough Market, which is perhaps the best market in London (free samples galore!)

In short, I don't care what people say/think, it's a fantastic area, it's safe, it has all you could possibly need, and it's one of the best linked areas in London...and it's still moderately affordable. I don't plan on leaving any time soon, that's for sure.