I rarely have my sims live in the city, but I'll have them visit it often for the festivals, as if they're heading into the city for a night from a nearby suburb (kinda like I would do irl, living near a major city)
I love it. It feels very like a city should for me, at least in visiting it. Museums, clubs, festivals... only thing thats missing, imo, is a playhouse/theater rabbit hole (which you sometimes get as an invitiation, so it still exists) Yes, it's the same thing every two weeks, but if you don't live in the city, you don't have to go. :) I play with two week seasons, so I'll usually pick one or two festivals per season as the "official" ones (sometimes complete with holiday) and ignore the others.
I also love the multi-culturalism that it adds, even if there's not enough of any one culture.