I have lived in Buckhead and Morningside/VA Highlands. Each of those areas are very nice and located close to many intown activities. Additionally we are Atlanta movers so I see most areas of town and the houses associated with these areas. In Morningside you have alot of homes built between 1920-1940 with "tudor" brick being most prevelant...In VA Highlands (most people around Atlanta think of VA Highlands and Morningside as the same) the homes are old as well but you get more bungalos. The VA Highlands/Morningside area is very child and family with shops and dinning in small "villages" mixed in to the area. The other big issue in VA Highlands and Morningside is schooling (morninside elementry was just remapped leaving most of VA Highlands kids to attend a yet to be built school).
Decatur is nice (older homes like Morningside and Vahighlands) as well but it tends to be less accesible via main roads and it has some what of a reputation as being "left leaning" there are some very good public schools in Deactur as well.
Buckhead is very nice (with some very large homes) but it is more commercial with two very large malls (lenox and Phipps) and many high rise office, condo, and hotels in the area. Odly the schools are very hit and miss and not always reflective of the area they are in (i.e. some very nice areas in Buckhead have horrible schools).
In this market for Morningside/VA Highlands/Decatur you should be able to get a nice older home 1,500 to 2,000. sq feet that has good curb appeal (you may need to update but you should do well in the next few years if the market improves).
Some of the other "up and comming" intown markets are fine as well but you may want to stay in one of the better established stable intown areas.