Also the really cheap parts of town are still pretty not-that-safe. It's gotten better but there are parts of Troy you don't want to be in if you're not of the current population. I expect that will change as Brooklyn continues to migrate to the area.
Beware with "cheap" properties bought off the city, the city comes around with their hands out once you've closed. I guess that's everywhere though.
But mostly go visit Trojan Electronics and get a few hot dogs at Famous Lunch. And remember at 10 *F in March you still go stand in line when the Snow Man opens. Go watch a burlesque interpretation of Ghost Busters at the Hangar.
One thing I will say is that both are very small compared to a NYC feel, and public transit is awful.
But they are old, dense cities and are very walkable / bikeable. You can even ride between the 2 on a nice path that runs next to the Hudson (they are about 6 miles apart).
Apprenda Commerce Hub Vicarious Visions etc...
Both are gritty little cities with a bunch of interesting people living there doing interesting shit, all for next to nothing. You can rent a townhouse for under a thousand / month. Shit, you can BUY a gorgeous 19th century townhouse for under a 100k - the same thing that would be 3 million in the Brooklyn where Patti Smith and Robert Maplethorpe lived.
I'm not going to go on about how much there is to offer there, because I could do that for paragraphs. You should just go check it out for yourself.