DU has a beautiful campus. It is a non-smoking campus, which is kind of neat. (Or torture, if you smoke!) I live in Westminster, and on good traffic days I am on Auraria campus in fifteen minutes. I think the bussline and lightrail systems are useful, but I have always had a car to get to the park and rides. I wouldn't really recommend Aurora as a place to live, but that's not totally true. Aurora has a lot of affordable housing, but it seems to me to be divided between the haves and have nots. Cool little places in the city are often old and small if they are affordable. But Thornton and Northglenn have affordable apartments and are near park and rides.
I have lived here for ages. I love it. The snow is rarely an issue, but it's good to have a front wheel drive or ESC. Denver often closes things too late, so if there is a snow storm, sometimes it seems like you are already in trouble before the official closures are made - so be sure to use your own judgment about the weather when it's snowing. The mag chloride keeps the streets clear, most days.
Auraria campus, which hosts three schools, can be kind of a challenge. It is definitely a commuter campus. That said, UCD boasts some fairly strong academic programs. They definitely have the jealous sibling thing going on with CU Boulder, so there isn't a ton of collaboration between those campuses. There is not a "feel" of a college campus at Auraria, probably because some 35 - 40k students are attending at any given time, and since it's shared by a community college, a four year college, and a graduate granting college, there's no synergy of identity. For me, I loved that - Auraria is urban, it's about the practical aspects of pursuing higher ed. It feels integrated with the city if that makes any sense. DU is way different, it has the feel of the hallowed grounds of higher ed. One cool thing about Auraria is it is right down town, so the 16th street mall is just a few steps away, about a five minute walk.
Depending on where you are moving from, it will seem cheap or expensive. IMO, a decent apartment will run about 750 or so a month. But there are plenty of alternatives. For families, I would say that the suburbs are the way to go - the burbs are accessible to everything and give you a more realistic environment (ie, no drunken parties keeping you up, the neighbors and you have yards). The economy is tough. Unemployment and foreclosures are high. It's probably a great time to buy, if you are ready, but you will have to wait quite a while to see a return on such an investment.
Anyhoo, happy to talk about Denver if anyone wants. Particularly questions about neighborhoods, although a visit is always best.