I may be able to answer to that too. I've been living in Prague 4 of the last 6 years. I've lived also in Madrid, Frankfurt and Barcelona for extended periods of time.

Things that are great in Prague for a foreigner (expat):

* Most people speak English, specially young people and specially in Prague. They will tell you that they don't speak English, but they do.

* There are a surprisingly big number of IT jobs for English speakers available. Even at startups (like the one I work at, 360cities.net).

* If you want to be a freelance, the tax treatment is very very favorable. Adding all the payments that you have to make to the government (including personal income tax, compulsory health insurance, and unemployment insurance), you'll end up paying less than 15% of your gross income at the end of the year to the state, in one form of another. That compares with the ~ 50% that gets deducted from employees for the same concepts.

* Life is affordable. Having a good life, I mean, not just surviving. Even on a local salary, you can get a decent apartment not too far from the center, eat out every day for lunch, have dinner out a couple times a week, go to the movies/theater/clubs on the weekends, and still have money left to save a little. Of course, those savings will not amount to much out of the Czech Republic, but as long as you are living here, they'll provide a comfortable cushion.
If you get an English speaking job, you'll probably make significantly more than a local salary. You will not live like a king, but you'll life very very comfortably.

* The health system is good, efficient and cheap. So it is the public transportation (one of the best systems I've tried, and I've used a few in my life).

* The fact that even local salaries afford for a decent live means that you won't find extreme poverty in Prague. That also means that there's no dangerous areas that you should avoid (of course, in the touristic spots there are pickpockets, but I mean that there's no wrong neighborhoods that you have to avoid, like there are in Madrid or, as is said, in US cities, for example).

* Cultural life is rich and varied. There's a lot of clubs with life music, concerts, theaters, operas, … Of course, there's also thousands of pubs (almost one in every corner) that serve what I would argue is the best beer in the world. And very cheap (less than 1.5 euros per half liter).

* The city is gorgeous.

* The girls are even more gorgeous.

* You are in the middle of Europe, which means that there's a lot of places to visit within 4 hours (train or plain).

* The attitude of Czech people is very relaxed. Live and let live. Consumption of sof drugs, for example marijuana, although not strictly legal is not prosecuted by the police.

* Personally, I think another advantage is that the Czech Republic is the most atheist country in the world. 70% of Czechs declare themselves atheists when asked. That means that the interference of religion in the lawmaking or social attitudes is minimal.

There are also some disadvantages, of course:

* The hard long winters.

* Service in restaurants and pubs, although improving slowly, is still not comparable with more western countries. Unhelpful or plain rude waiters and shops assistants are very common.

* The food lacks variety, and specially vegetables, fruits and seafood (like most Central European kitchen).

* Some rules in the administration are plain stupid. And civil servants will be, generally, unhelpful. A lot of the old socialist mentality can still be found in the government's employees.

* The language is very difficult to learn. Most people speak at least some English, but really fitting in is difficult without speaking Czech.

* When you want to travel abroad, everything is suddenly very expensive.