I'm currently a graduate student at UK. Lexington is a great city with a small town feel. Tons to do, great food scene, and phenomenal hiking at the Gorge. I'm from a tiny town and Lexington was a bit of an adjustment at first, but I love living here.
Conference funding is competitive, but they do try to spread the money around. I got a travel grant last semester, and I am not anywhere close to abd. Some of the abd students have also been awarded money for archival research. So there are some opportunities, but not as great as at other programs. And if you have a 2/2 teaching load (I think everyone does, unless you negotiated a different offer), you will be teaching two sections of first year composition classes for the WRD department every semester for at least the first two years, if not longer. They try to make sure everyone gets to teach literature courses at least once or twice, but there are limited teaching opportunities in the English department. There also aren't very many opportunities for summer teaching, if that's important to you.
I will say, though, that UK is incredibly supportive when it comes to professionalization and pedagogical training. All first year students take a course on pedagogy their first semester, we are required to participate in pedagogy and professionalization workshops each semester, and they have a great mentoring program. We have a lot of excellent and supportive faculty, and our graduate community is fantastic. I've enjoyed my time here immensely.
I hope that helps!