I grew up in Lafayette, which is only a hop across the river to West Lafayette. I hope my 18 years of experience in that area can be helpful!
First, weather-
Winters are cold and snowy. You will be walking a lot (it is a big campus, although not as spread out as IU and other colleges I've seen), so snow boots and down coats are a must.
The summers are hot and humid. If you are in a dorm or apartment, I would suggest a fan for the bedroom.
The winter lasts from the end of October until the middle of March. Sunny days are not unusual during the winter months, but it doesn't help warm things up that much.
Transportation-
The bus system is good. It is free for students and runs all the time. Parking is awful, so cars on campus are just a pain in the butt. Most things are within walking distance from campus. There are a TON of restaurants and fun things to do in and around campus. The only need for a car is to get to the mall (which is pretty decent), some doctors offices and Chicago.
You can live near Purdue without a car, as long as you aren't afraid of walking a bit and taking the bus.
Living-
From what I've seen (I didn't go to Purdue), the apartments and dorms are very institutional, but nicely located. There are a lot of apartments near campus that look pretty nice. Just be prepared to walk a couple miles to class.
Town-
Good food, bars, and hang-outs. You can live comfortably on a very limited budget. No big clubs or anything, but Chicago is a three hour drive. Not the most beautiful campus, but there are some fun fountains and parks.
All in all, I like West Lafayette. It has a lot of fun spots, restaurants, movie theaters, bowling alley's, etc... The winter is, well, winter. Unless you are going down south, you are going to face the white stuff.
Those are my thoughts. I can ask any other questions about the town, as long as it doesn't have to do with the school itself. I moved as far away from home as possible for my undergrad. :-)