I think in general, the nicer areas will hold up better but by no means are they 100% immune. I believe they will eventually depreciate but not as dramatically as other neighborhoods. I am usually wrong so this may be the case as well. Boneheadedness notwithstanding, if people are not prudent and choose to take all the money out of their homes so that they cannot afford the ensuing payments then they will be pinned no matter how nice a neighborhood they live in. I believe this will happen less in highly desireable areas but stupidy has no zip codes.
