Places which offer employment and things to do which can compete with the quality of employment and things to do available in Central London, such that there's no real need to reguarly travel to the center of the city for anything if you live there.
A very slight change of emphasis (not very different from your version, but I find it important): I wouldn't put it in terms of competition, but in terms of accessibility (as above). If you can buy something like what you want locally, even if perhaps the choice isn't as great as in Central London, but you don't have to go on a Tube or railway journey to get there, then you may choose greater accessibility over greater choice.
I haven't studied the E&C's development (apart from finding the new buildings unsightly, but that's the case pretty much everywhere in London at the moment, and doesn't say anything about the quality of function), but the recent traffic scheme is really terrible--shit done cheaply. They haven't grasped any of the nettles to be grasped there. There used to be a lovely page somewhere about the various visions for reforming the junction design, but I can't find it now. It showed the history very nicely and made it easier to understand the objectives to be achieved there.