The short version
Cubao is one of the few places in Metro Manila where a renter can make transport the organising principle of daily life. Araneta City supplies shopping, offices, hotels, residences, food and events, while the surrounding streets remain dense and noisy. It is useful rather than pretty, and that is precisely why it works.
The interchange
Araneta City sits at EDSA and Aurora Boulevard and is served by MRT-3 and LRT-2, as well as jeepneys and buses. The official Araneta FAQ describes a large integrated estate with shopping, food, offices, residences and the Smart Araneta Coliseum. Events can transform the streets around the Big Dome, so a viewing on a quiet afternoon is not enough.
The two rail stations are close in purpose but not always seamless in experience. The LRT-2 to MRT-3 transfer is a walk through the commercial complex rather than a single platform interchange. That is manageable in dry weather and less pleasant with luggage, rain or a child in tow.
Who it suits
Cubao suits office workers who need north-south and east-west options, students, people who enjoy live events and renters who would rather have a mall than a private village. Families can make it work in a quieter side street, but should inspect noise, parking and the route to school.
Would I live here?
Yes, if the commute benefits from the interchange and the home is insulated from the loudest frontage. I would ask about concert nights, deliveries and lifts before signing. Cubao does not pretend to be a retreat. It gives you a working piece of the metropolis and asks you to accept the volume.