I live in Lantana and love it. Lantana is a Fresh Water Supply District (I can explain it if you're really interested) which means our taxes are a bit higher than surrounding neighborhoods. We are comprised of many smaller neighborhoods and each one is different. Some have smaller lots with the houses closer together or you have some with larger houses, larger lots such as the one I'm in. If you're seriously considering coming out here you'll definitely find a house that fits you and your budget.
The schools are in Denton ISD which has positives and negatives. In Lantana we have one elementary school and for the 2008 school year a new elementary and middle school will be open. I've heard positive things about the elementary school thats currently open but I don't know too much about the reputation of other schools in the district.
For entertainment/shopping/eating we can go anywhere. Highland Village, Flower Mound, Denton, Lewisville, or down to Southlake. We are close to lots of shopping at the corner of 2499 and 407.
As for traffic, yes we have it. Lots of people here in Lantana combined with Highland Village to the east with roads that are still 2 lanes. However they are in the process of widening 2499 which will help tremendously.
Amenities in Lantana are fantastic. Besides what is obvious to those who look here, swimming pools, tennis courts, playgrounds and 2 fitness centers our HOA hosts many events thru the year for residents.
All in all we love being here in Lantana and see ourselves here for quite awhile. Feel free to send me an message if you have any more questions.