It's a government town popular with retirees and young families. Generally though, it's gotten younger, more innovative, and less anti-development in recent years. Whenever I visit, I barely recognize the downtown with all the new condos. Oak Bay is a very old, affluent, NIMBY-ish community, but it's the main one. There's lots of development in Victoria, Saanich, and Langford.
Pros: lots of outdoorsy stuff, ocean/mountains, quiet, good food/drink scene, lots of cool pubs and cafes, big creative community, weather (warm and mild, less rain than Vancouver)
Cons: downtown is quite scuzzy, big homeless/drug problems, too many tourists, expensive, horrible traffic in some areas (Western Communities),
It is a very left-wing area, for better or for worse.
I grew up in Central Saanich. It and Langford are the only areas I'd advise against living in. James Bay, North Park, Fernwood, and Cook Street Village are all good neighbourhoods if you want to live close to town. Or Quadra Village if you want to pay a bit less. When I lived in North Park, I paid $720 for a bachelor, though I don't think you could get that nowadays.