I live in a college town. Part of the reason for this is because I go to college. As it is in New England, there are a variety of colleges nearby. This town, and the towns around it, are very into colleges.
That being said, there are both positives and negatives to living in a town like this. I wouldn't want to live anywhere else, personally, but there are still some downsides.
1. There are SO MANY RESTAURANTS! Apparently college kids like to eat a lot more than non-college people do, because there are a ridiculous amount of food-related places around here. And a ridiculous variety. We have the usual chains, like everywhere else, along with some less mainstream places. And, since this area is very much a home of the Flower Children, we've got a lot of hippy-centric restaurants as well. Which is awesome! I mean, most of them are vegetarian or vegan, and I don't eat there because I like meat (a lot), but I'm all for other people eating their veggies.
2. There are SO MANY BOOKSTORES! There used to be a lot more, but, sadly, a lot of them are gone. Still, the ones we have are pretty much awesome. There are the chains, of course, but there are also independent bookstores. Some of them are USED bookstores, which are even better! As a bibliophile, I always want more books. As a college student, I can't always afford them. Hence, used bookstores are fantastic! They're better than chocolate.
3. Places that deliver food, DELIVER FOOD REALLY LATE! I mean like 2, 3am late! It's beyond awesome. Ice cream or Wings or Chinese food at 2:30? It's the best thing in the world.
4. There is a lot of free public transportation. I do not drive. This is lovely for me.
5. There are lots and LOTS of free entertainment type things. There are concerts in the center of town, there are movies that the college plays for free... And even if some things AREN'T free, you can usually get a student discount. Which I LOVE! And I plan on taking advantage of for as long as I can get away with after I graduate.
1. THE STUDENTS. Yes, I am a student as I say that. But I mean THE OTHER STUDENTS! The people in the apartments above mine, for example. They're bros. The kind with the sideways hats and the basketball shorts and the drinking until 3am where they vomit/piss off the stairs onto people's cars. I do not care for students like this. Actually, I'll go so far as to say I HATE THEM and wish they would all go away. Far away. Like, Siberia-level far away.
2. THE NOISE OF THE STUDENTS. As I live in the center of town, I hear a lot. Like the drunken morons stumbling back home after a night out drinking. Granted, this probably happens a lot in other towns too. BUT STILL! I don't like it.
3. The way stores run out of STICK-EMS IN SEPTEMBER AND JANUARY! You know, the little sticky-strips that you use to hang stuff on the walls? The only kind of stuff you can use in dorms? Sometimes they're called Command Strips, but I don't know if that's universal. I HATE that they're never available near the beginning of the semester! You'd think that stores would ridiculously overstock, but NOOOO, they wait around and say, "oh, we're out of them already? Just like the last sixteen years I've been working here? Huh, that's so ODD!" Morons.
4. THE PEOPLE WHO DON'T KNOW HOW TO DRIVE! As I've already stated, I do not drive. This does not mean, however, that I don't know a crap-tastic driver when I see one. And there are SO MANY IN COLLEGE TOWNS! There are also a bunch of old people in this particular college town, which I'm not sure is universal or not. BUT OH MY GOD, LEARN HOW TO DRIVE! I suck at driving, so I don't do it! You suck at driving, SO DON'T DRIVE!
I'm sure there are others, both of the positives and negatives. But these are the first ones that spring to mind.