Can't really compare them.
We moved to from London to Reading 12 years ago and it was, without doubt, the best move we've ever made. I've travelled into London for work on average a couple days a week over that period. The commute is far, far better than from Oxford or Cambridge.
We absolutely love Reading. Initially we rented thinking we'd buy in a surrounding village, but ended up buying in a lovely part of town.
All our children grew up here - state schooling is fantastic (ours are not at the grammar schools). Sports clubs and facilities are . Shopping is top notch and whilst we're limited for independent stores, there are a few bizarrely unknown gems.
One of the biggest differences (and positives) with Reading is how understated and diverse it is. I totally understand that this, in itself, doesn't do it for lots of people, but it does for us. In fact it's pretty much perfect for us.
We totally get why people would live in Oxford or Cambridge, both beautiful places, and why most wouldn't compare with a Reading - I agree entirely. I love visiting both.
The longer Reading stays understated, the more we'll love it.