Just saw this and thought I'd add to the discussion - We currently live in Redhill (the Watercolour development as mentioned in the Evening Standard Article that bookluva mentioned (there is link to the article here is your interested: www.homesandproperty.co.uk/area_guides/uk_areas/spotlightonredhillandreigate.html ) Keeping with the original topic of good transport links, I'd say Redhill wins that card. A fast train to Victoria is only 27 minutes, and a fast train to London Bridge is only about 30 minutes. A train from Redhill to Gatwick is only 7 minutes - I used to work in Crawley, so a 7 minute commute to Gatwick station with a complimentary mini bus by the company I worked for was a dream commute - I could literally roll out of bed at 8am and be at work by 9! To drive to Gatwick from Redhill takes between 20 - 30 minutes depending on traffic. Commuting to Heathrow is another story. You'll need to take a train into central London and then back out to Heathrow. Getting to LHR is a bit of a pain, especially with luggage so we usually get a taxi which costs £45-£50 one way (cheaper than parking at the airport!) The drive from Redhill to LHR is about 45 - 60 minutes depending on traffic. Both Redhill and Reigate are only moments away from the M23 and M25 junctions, so very very convenient! There are 2 good sized car parks at the Redhill station, and as far as I'm aware, not much parking at all for Reigate station so people park on the residential roads and walk to the station. To get into London (Victoria or LDN Bridge) the majority of the time I believe you will need to catch a train from Reigate, which will then pass through Redhill anyways and sometimes require you to switch trains. Because it's slightly further out, fares from Reigate are a bit more money. A lot of people I know who live in Reigate skip commuting from Reigate station and just go directly to Redhill where the trains are more frequent.
That being said, we are currently looking to move to Reigate, which is where we spend the majority of our time despite living in Redhill (Redhill to Reigite is a 5 - 10 minute drive). To be honest, I don't know the "ins and outs" of the various areas in Reigate yet, but have been told by other local Reigate people and co-workers to "stay away" from the southern end near Dovers Green and Woodhatch as it can be a bit rougher. I can't say whether or not their comments are correct, as I rarely go that direction. I believe that may have been the case a few years ago, but I think it's improved since then? We are looking to move near Priory Park, so Dovers Green and Woodhatch are a bit too far away from the park for us. The schools in Reigate are very good, but can be very very hard to get in to - I need to brush up on my Reigate school knowledge!
I guess the main thing is that if schools are the most important to you, use the council website to find out what areas the schools are in and move as close as possible to the one you want your children to go to. Redhill housing prices are more affordable than Reigate (and in less demand). The Victorian streets around Reigate town centre and Priory Park are the most in demand, so therefore the most expensive (not including the streets with the large mansions!) We've been house hunting for a year, and have put offers in on several properties, but have been out bit each time. A few months ago we put an offer in on a 2 bed semi-detached house that needed MAJOR work (it hadn't been updated since the 1970's) and it had 19 viewings and 8 offers, which then went to a sealed bid. We lost out on that house as it went for asking price (£450,000) which just goes to show how in demand properties are in the area. Every time we go to an open house, it's the same people or type of people viewing. 2 parents, with 1 child under the age of 3. All looking for a house close to the town centre so their kids can get into a good school. It's a competitive market out there! Good luck, and hopefully we'll bump into each other on the streets of Reigate in the future!