Had a layover in Memphis between a bus from Little Rock and a plane to Atlanta, and visited Harbor Town (one of the first New Urbanist developments, mentioned in one of Jim Kunstler's books).
Positives: beautiful houses, lots of mixed use (not just shopping, but both apartments and single-family houses, unlike some NU developments that appear targeted to just families or singles). Great park space - a major park bordering the Mississippi plus lots of small parks throughout the development.
Con: Entry to development is through six-lane street, no visible employment centers (though since I only took a 30 minute walk I could be missing something), no visible public transit- looks like most people would have to drive to work.
Incidentally, Memphis has a nice looking downtown: lots of historic structures left, plus some nice looking apartment houses, a Walgreen's open till 8 (an indicator of residential development) and a Family Dollar- not much by the standards of Northern big cities, but pretty good compared to Little Rock.