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Is home to IBM's global headquarters (we also have Swiss Re and MBIA as other major businesses). Other than that you would be hard pressed to find someone that really knows anything about it.
Armonk is a beautiful little town, 20 minutes north of white plains. It is north of the Kensico Reservoir. It has an amazing school district (byram hills high school).
Armonk however is quite price these days. Taxes are a little lower than surrounding areas due to IBM and other coroporation (and I believe the reservoir as well). A huge issue in the town is overdevelopment, as too many mansions have been put up and developers eye every single piece of available land. Charming old houses (typical of Northern Westchester) are being stripped and fifteen mansions will be put on that plot.
Also Armonk is generally isolated. It takes 10-15 minutes to get anywhere, even to the nearest town over. There is generally little to do in Armonk in terms of shopping or restuarants (none particularily stand out). If you are commuting to the city then you will have to drive 20 minutes to the train station (North White Plains).
Other than that is really is a nice town. I enjoy living here and it is nice and quaint.