I have several friends whose kids love PVS and some who have left for other schools (charter schools, traditional public schools and homeschooling). The neighborhood is up and coming, still affordable. I think it is very convenient to transit, the #75 bus stops just 2 blocks away and it runs all the way from St. Johns in the extreme north to SE 39th across town, passing by at least one major transit center with MAX access to downtown etc.
I have heard that they might be moving, having outgrown their building (it's very popular) and maybe to a different area so I would for sure check on that before choosing a neighborhood.
All the charter schools are waitlisted from their lotteries. And there are different forms and deadlines for the various schools (not one single lottery) so start checking now for fall 2011. Many have mandatory parent info nights, visitations, and other requirements. Many people apply to several and don't decide until fall, so you really have to be flexible right up until school starts. There are also sometimes mid year openings, as some students move or decide the school isn't right for them. Charter schools also do not have a huge staff, so expect some delay in communications and paperwork.
We love my daughter's charter school and are so so grateful we got in after being high on the wait list for 1st grade. Good luck!