We moved to Cambridge from NW London a few weeks ago. We have no regrets about leaving London, and we love it here. There is so much to do, and we love being able to walk/cycle everywhere. We can walk into the centre of town in about 15 minutes, and DH can also walk to the station in about 7 minutes. Coming from inner London, we couldn't imagine moving to a village and we are more than happy to be a very short walk away from Mill Rd!
Mill Rd is very cosmopolitan, and reminds me of where we used to live in London. There are several v.good Chinese/Asian foodshops, a lovely Italian deli, as well as three bookshops and a number of restaurants which we would like to go to if we ever get round to finding a babysitter!
The disadvantages of trying to find a house round here, is that you definitely pay a premium for being so close to the station, and also houses don't come on to the market very often. When they do come on to the market they sell very quickly. When we first looked at our house, it had only been on the market for a week, and six people had already made offers on it, over and above the asking price.
DH was slightly apprehensive about the commute, but so far it's been fine. Door to door, it takes 1hr 25 mins in the morning and about 1 hr 15 mins in the evening (when the trains are faster). Although the trains aren't completely full when they leave Cambridge, he says that by the time they get to Royston (still 45 mins from Kings Cross) it's standing room only.
Good luck, I hope you can work something out. We're so pleased we moved here, it really is a great place to live.