Yes, lived there for three years. Between Mud Island and Germantown/Collierville, it's one of the the most economically depressed (and frankly, unsafe) places I've ever been. Also, the city and county government are about the most corrupt entities I have ever had the misfortune to witness. I'm not just trashing Memphis--it really is sad how some people live there. It really reminds you how truly blessed we are up here.
I hate to say all this because there are some fine people there. There is absolutely no comparison whatsoever between the quality of life in NWA and Memphis. That being said, it's a fun town and there are a lot of cool things to do in Memphis (Rendezvous, Gus's Chicken, Redbirds games, the Zoo, etc.)--but after living there for three years, I'd rather do those things on a weekend and slip safely back to civilization. . .
After my daughter was born, my wife and I really had to evaluate where we wanted her to grow up...and, needless to say, Memphis wasn't it.