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Although NJ tends to have a reputation as the armpit of the earth, most of what people see on the turnpike (and via those ass-hats on the Jersey Shore) is not representative of the state. Weehawken, Hoboken and West NY are up and coming, with a huge influx of young people who work in NYC. Although it would have been ideal to have the race in the city, I think this is bound to be great for F1 in the USA and will hopefully provide penetrance into one of the most important markets for the sport.
Either way, it's great that they are not going back to IMS. Maybe a next step would be some F1 racing at Laguna Seca...I'd love to see how an F1 car navigates the Corkscrew.