LOL, live in Seattle myself (Bellevue, to be exact), and I'm in the throes of Portland-itis, I fear. Admittedly, its because one of my closest friends from growing up lives out there, and as far as I can tell, it's Seattle minus the traffic, and I despise traffic. :-p For what it is worth, I have had fantastic times in Portland the 6 or so times I've gone down there, and it's actually one of the places I would move. I grew up in the Midwest, so for Midwesterners, I always see Seattle as Chicago, and Portland as St Louis.
Of course, if it really is hipster heaven, I should flee as fast as I can, as I don't think I get along with them very well. >_< Or just stick to the 'burbs.