Well for those of us who are aware that the world isn't all peaches and roses, there really is a lot of character in grit. Urban character, that is. Shane I think you have grit mixed up with blight. The two are really differant, and I'll show you how.

This is grit. This is a street that's obviously very old, and has endured a lot. But the buildings are colorful, and they have a lot of personality to them. Grit is typical just really old structures that aren't in the best of shape, so to speak. Bricktown used to be grit, and much of the inner north side is grit.
However, blight is much, much worse, and blight can never be fixed. The areas of old metal warehouses south of downtown are blight (but there are some very nice brick warehouses south of downtown that would make excellant lofts). The run-down shotgun structures in the south side are blight.
The key differance is structural character, quality, and neighborhood activity. Grit has all of those aforementioned qualities.