Area is nice and very international, with nice little foreign shops where you can buy stuff which is sometimes not so easy to get in the rest of Lausanne: African or Asian spices and food etc. It is extremely close to the centre of Lausanne.
It depends a lot where you are in this area, if it is suited for kids, 'cause there are not much parks around at the eastern side of this area. Also, the streets tend to be a little busy. Further to the west you have a nice big park.

Good luck with moving!

Greetings from Lausanne,
Will