So why is everyone going for Seattle over Portland?
There isn't a huge difference.
Seattle population change, 2000-2005: +1.9%
Portland population change, 2000-2005: +0.5%
Not a huge difference, although Portland does have more generous incorporation boundaries (I believe it touches some less-than-dense-urban unincorporated areas, which Seattle doesn't).
Portland is more affordable, though, but a lot of people don't realize that Portland is a pretty vibrant city itself (the suburbs, I'm sad to say, mostly suck).