I grew up in Reading and live about 9 miles away in the sticks. Nicer place to live than High Wycombe, more variety and more to do. The actual town itself is just like most modern towns, all the same shops and grid locked most evenings. Personally I hate most town centres, hate shopping and town centre pubs so dont really go there anymore.
Head West and you have some really nice countryside very close by, outside my door there is plenty of singletrack if you know where to look.
There are several suberbs which are very nice indeed.
Traffic wise its all OK most days but any problems on the M4, M25 or A34 and it always seems to end up grid locked. I work in Newbury and have often spent 2 hours to get home which should take 20 mins (I now commute along the Kennet and Avon so no more delays for me !)