I just finally moved out of Morgan Falls Station a few weeks ago, which was about a year too long to stay. Place was so-so when I first moved in (good location and fairly cheap), but has seriously declined since 2002. I only stayed as long as I did because I negotiated a pretty cheap renewal price for the area, and I didn't feel like going through the hassle of moving at the time.
Still, in the past two months alone, I had witnessed my next-door neighbor (whom I'm pretty sure was dealing), his girlfriend, and my downstairs neighbor all be arrested for various things (all on separate occasions). Added to that a recent HOMICIDE on the grounds back in March and one break-in that I know of, I'd say that security (or lack thereof) is not really the order of business at MFS these days.
Second only to the safety issue is the noise one. Since this past spring, the place seems to be a 24-hour hiphop party, and I MEAN 24 hours. It wasn't uncommon to have people pull their cars into the spots under my bedroom window and BLAST the car stereo at, say, 2 or 3am, and just sit there with it blaring away. I had to confront a few of these latenight wannabe DJs myself, as management doesn't seem to care about such matters. They're having a hard enough time leasing apartments. In short, they'll take anyone they can get, and that's not the kind of neighbors you want.
It's a real shame, because it seems as if the place was pretty cool not too long ago (great size, convenient location, nice walking trail, etc.), and was OK when I first arrived in Atlanta two years ago. Sadly, it's now in a real state of decline and unfit for your rental dollars.
Definitely stay away.