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I've never had a problem with safety in South Wedge. One time I got pestered right outside of Equal Grounds by a homeless man wanting me to call him a taxi. He caught me off guard so I forgot to pretend I don't speak English but that's pretty much it.
Edit: I checked out the site Nancy posted and it seems there are quite a few incidences of car break-ins. We're having nicer weather now so make sure to take your valuables out of the car! Thieves have a simple mentality: I see, I want, I take.
I'd vote for the South Wedge over East any day. Check out southwedge.org (the neighborhood listserve), the South Wedge Planning Committee (www.swpc.org) and the Wedge newspaper. I've live in the Wedge, feel completely safe. It's close to Highland Park. On South Avenue you'll find Solera Wine Bar, Coffee Connection, two boutiques, a Cajun restaurant, etc. etc.
You could bike to the Medical Center.
Lots of community.
When I lived there one could find an Indian restaurant, a pizzeria, and the South Wedge Diner on S. Clinton. I think there was a Mediterranean place along there, too, but I'm not sure id it's open anymore.