Hey MM, nothing gets by you! I am in Madrid now - living in Chamartin - near the Colombia Metro stop. We tried to find something closer to the city center but just didn't have much luck in our price range. Rents seem to have gone WAY up. Also, we were looking in August when most landlords were away on vacation. Anyway, our neighborhood is very nice - quiet, but with lots of shops, cafes, bars etc. within walking distance - and its well-connected by bus and metro. Its turned out to be a very good compromise for us - we don't have any old world charm (the apt. is brand new), but we are IN the city and not the 'burbs and yet its quiet and green and we have a garage and swimming pool in the complex. One downside for me is that its far from where I take Spanish (Escuela Oficial on Islas Filipinas) so I spend a LOT of time in the metro.
If anyone wants more info. on neighborhoods/ apts. I might be able to help. I searched A LOT, so just ask!