We dont' live in Hyde Park but have friends that do. (We live in University Village, which is technically also the south side). Hyde Park is a nice neighborhood - definitely as nice as any other, and pretty affordable. The El isn't so great down there, but the South Shore metra is good and quick, and the CTA busses do pretty well too. Lots of good resturants, parks etc.
The north side is definitely getting over developed and is expensive, IMHO. Other neighborhoods you might consider:
South Loop - close to the lake, still pretty affordable but getting expensive
U. Village, near UIC - or the surrounding neighborhood - ditto with south loop. A bit farther from the lake but still close. Near to lots of public transit etc. great food in this area.
Bridgeport (or is it Bronzeville? I always get them mixed up - whatever is near Sox park down by 31st) - lots of people from my neighborhood are actually buying single family homes in this area becsuse it's a lot cheaper and they want the extra space. This is sort of the area north of Hyde Park and south of U Village.
Most importantly I suggest you live near where you work. Whether it's a one-bus shot, one-shot on the el, or walking or biking distance, minimizing the amount of time that you or your husband spends commuting makes a HUGE difference in your quality of life! We lived in Lakeview for a year and my commute took 45 minutes even with just a single bus line. Now we live 1.5 miles from my work and I can either walk it or ride my bike or drive - no matter what it's super fast, and that measn I have more time for my family.
Mom to James ( 5/2006), Claire ( 6/2008), furry kitties Calvin and Bob, and wife to Dennis.