I live in this neighborhood and I love it! Proximity to trails, lakes, and downtown, good schools, plus it's close to some of the more suburban amenities in Edina. You'll also want to check out the Kenny neighborhood, which is just to east of Armatage, it's also quite nice. In Armatage, we have a number of grocery stores within a mile or two, but none that are in short walking distance. If that's important to you, the eastern part of the Kenny neighborhood does have a nice grocery store that is in walkable distance.
This is a great area to "live a MMM lifestyle". You can easily have just one car (or no car!) and it's very close to lots of free activities and outdoor spaces. Probably the biggest drawback, if there is one, is the housing cost: it's definitely more expensive than if you went to an inner ring suburb like Richfield. I, personally, think it is completely worth it because of the benefit of being so close to so many the things I like to do, but of course it's a trade-off that doesn't work for everyone.