It's the fifth largest city in the State, its industries are thriving, it has a dynamic third-level college and it's the capital of a region famous for its tourist attractions - and even its sunny climate.
It might seem odd then for Waterford to own up to having an image problem. Local business leaders, however, clearly believe this to be the case. They're about to launch a national radio advertising campaign - using high profile Waterford personalities like Radio One presenter Carrie Crowley and athlete Susan Smith - to change people's "outdated" perceptions about the city.
And what do people think about Waterford, when they think about it at all?
A survey carried out by NGM Market Research among newcomers to the area confirmed local people's worst fears about how their city is perceived by others.
Before settling in Waterford, many of those surveyed considered the city to be grey, dreary, "somewhat rough", to have a high crime rate, a difficult industrial relations climate, high traffic congestion, a poor customer service culture and poor road and rail access to other parts of the State.
Not all of the perceptions were negative: two in every five of those surveyed perceived Waterford to have a good social life and entertainment facilities and were aware of the city's broad industrial base.
The city's location, and particularly the easy access to nearby beaches and mountains, was cited as an even more attractive feature.
But the most revealing aspect of the survey was how much the negative views changed once people had spent some time in Waterford: two-thirds of the newcomers said their perceptions had changed for the better while 75 per cent said they would recommend the city as a place to live or work. Only 7 per cent were sure they would not.
The results confirmed what locals trying to "sell" the city to the wider public had believed all along - there's not too much wrong with the product, but a change of image is required.
That's where the unique campaign launched by Waterford Marketing Initiative - which commissioned the survey - is set to come in. Chaired by Mr Redmond O'Donoghue, WMI was established by Waterford Chamber of Commerce with additional financial backing from Waterford Corporation and Waterford Crystal, of which Mr O'Donoghue is chief executive.
"We said: `We've two choices, either to go on moaning and whingeing that Waterford is not regarded as highly as it should be, and whinge for the rest of our lives, or else do something about it,' " says Mr O'Donoghue.
The group first put together a marketing plan for the city and then set about raising the necessary funds from a broad range of local business interests.
"We decided we'd tackle `corporate Waterford' and put the proposition to them. I hosted a dinner in my office for 24 business leaders and explained our needs . . . there was an overwhelming response and we have, to my astonishment but delight, raised a budget of over £100,000."
This includes the initial funding provided by Waterford Crystal, the Chamber of Commerce and the corporation. A variety of business people are involved in the venture, many from the retail and services sectors.
The fruits of that fund-raising drive will soon be heard on national radio - on both RTE and Today FM - as people like Crowley, Smith, Mr O'Donoghue himself and others extol the virtues of their native city. Everyone involved in the advertisements, including the local radio station which made them, WLR, provided their services free.
For Mr O'Donoghue, those virtues are many and varied: "I regard Waterford as a well kept secret. The quality of life is fantastic . . . there's beauty in Waterford, in the county, that not everyone is aware of.
"There are good restaurants, it's good for the arts and culture, it's great for music . . . it's improving enormously in terms of the pedestrianisation, the lighting of the city - it looked fantastic at Christmas with all those pearls of lights going down the Quay - and the people are very nice and friendly. It's a lovely place to live.
"I have friends in Dublin who ask me: `What's it really like living down there?', which is a commentary, not so much about Waterford, but any place that's not within striking distance of Dublin, and I always reply with: `Tell me, what's it like spending an hour and 10 minutes coming in to work every morning?' "
"It takes me five [minutes]," he adds, "and if it goes to six I get very cross."
Other Waterford natives, like Chamber of Commerce president Mr William O'Brien, also insist that negative perceptions of the city do not fit the reality.
"The product is good but the perception of the product seems to be poor. The marketing initiative is designed to counter and correct the perception. We want to broadcast the fact that Waterford is a good place to come to, a good place to invest in, to holiday in and to live in," he says.
Mr Pat Power, a member of Waterford Corporation, says the city has improved beyond recognition over the past 20 years. "We believe we've been selling ourselves short and it's time we started putting forward what we have to offer."
Mr O'Donoghue accepts that sometimes the negative perceptions can match the reality. Road and rail access to Waterford, for example, falls well below the standard which might be expected in modern, prosperous Ireland.
But he insists the city is still accessible and within easy reach of Dublin, despite the poor roads - and Cork and even London via the local regional airport.
A spokesman for the campaign says the intention at this stage is simply to whisper the word: "Waterford". This will surely make it the first constructive whispering campaign in history.
Considering the NGM survey concluded that people from outside Waterford know little of the city and rarely talk about it, a whisper in the ears of the wider public - "Waterford" - is probably long overdue.
