Wife and I are class of '04 and have been in Bluestem since September 2015. We have 1 at LF Elementary, and another who will begin in Fall 2018.
Things I have liked; my wife likes it, can fish in the ponds, kids have friends, hang out with neighbors (this didn't happen at our other neighborhood), the HOA events are fun, the gym is nice, future little lake looks fun, small town feel (we frequent Dallas w/ no issues as long as we plan for traffic), retail is blossoming, really really close to prosper rec sports field for kid's soccer and football (frontier park), we don't have neighbors behind us and have beautiful sunset and storm views (and the eventual toll road in years to come), HOA covers front yard maintenance (they'll mow and treat it at least), I like our house, the landscaping around the development is nice and we enjoy walking paths around the development.
Things I have not liked. I was really skeptical moving further north from Frisco, but the market was right for us to make a move and my wife really liked the development. She's works in the area too. My profession keeps me all over town and gives me early mornings, so commute isn't really something we take into consideration; MUD tax on water (be sure to change your sprinkler times after you move in or your water bill will be as much as your mortgage, builders water every day for like 30 mins per zone), appraisals have sky rocketed due to what the new homes are going for now vs when we got in. Since new homes are really only comps, we have seen our appraised value rocket $40K over our purchase price. This is good long term, but can bite you in the ass if you aren't prepared, the pool is great when the entire neighborhood isn't there, construction is annoying, HOA fees have already increased $5 per month, I hate dallas parkway simply because it's dangerous and peak traffic times can be terrible and it floods when it rains hard (they'll close it just north of 380 to 1st street), our street is busy, houses are close to each other with small yards (yeah suburbia) and we already had tennis ball sized hail.
The train is funny. Everyone bought a home knowing it was there. Once they finished the crossing by the school, the horn started sounding every time it crossed the street. Everyone near the crossing complained and said their builder told them it would be a no horn zone. Well it took a testing period before the no blow zone was in practice. However, you'll still get a rogue one every once and a while. Plus, you can still hear it blown from Frontier. Apparently plans are in the work for Frontier improvements including a new crossing that won't require the horn. And the train occasionally parks on the tracks blocking the crossing, thus creating mass hysteria.
Oh, and as soon as you get on the neighborhood facebook page you'll be entertained for days. Let me know if you need anything I can help you with. And welcome!
Edit: internet sucks depending on what side of tracks you are on. the newer homes across from the high school have fiber I believe. New options are beginning to sprout, but it appears most have struggled with internet to some degree.
And on the high school being overcrowded, a 2nd high school is supposed to be built within a few years. Hell, I think I saw that there will be another elementary school for LFs soon.