Well, I don't know Cambridge, but I live in Reading and I've worked in Oxford (for the council). I love Oxford, but I wouldn't want to live there.
I live in Caversham Heights, in a road of 60 houses where maybe 1 or 2 comes up for sale each year, my NDN moved two houses down and another moved to a parallel street, just to upsize. When people get a house here, they tend to stay. We also have a good community, annual street parties, and low crime.
I don't have children but my neighbors tell me that the schools, both council and private are excellent.
Reading town centre is not bad, OK it's mostly chains, but if you know where to look there are some interesting independents. The farmers' market is pretty good.
Caversham is a nice little shopping centre, Waitrose and some independents.
Crossing the Thames from south Oxfordshire is a pain, I can walk to Reading station faster than I can drive it.
Hope this helps!