I just graduated from MU, and am still working here until I leave in June. Columbia is a nice little town, with a low cost of living. Beautiful campus, especially now, in the spring. My girlfriend and I are currently living in a university owned apartment (Tara Apartments) and like it just fine. Pretty cheap too.The university has a fantastic rec center.
There isn't a ton to do, mainly just college bars. There are good trails and outdoors stuff to do in the summer. It's a pretty quiet town overall, but it's surprisingly large. Kansas City and St. Louis are much bigger cities and are two hours away in different directions.
I've enjoyed my 5 years here, but I am ready to move on.
Not sure what else you're looking for, but I hope you enjoy it here!