Personally, I think the only thing Reno has going for it is that Nevada has no state income tax and it's proximity to Tahoe. There are, however, some nice communities in Nevada commute distance from Reno.

I frequently see Reno on those Best-Urban-Places-to-Live-in-the-US lists. They tend to cite its low cost of living, crime rate at about the national average and low unemployment. It's one of the fastest growing cities in the country.