I'm currently in LBK for grad school. I'm not a fan of this city- totally different from where I grew up and went to undergrad in the northeast. It is in the middle of nowhere, but, it is the somewhere in nowhere. Some perks: Albuquerque, Santa Fe, Palo Duro, Big Bend National park, Austin, and Dallas are all in reasonable (read: day trip) driving distance.
Downtown has some events- theater, monthly art walk, a smallish music scene, and lots of cheap margaritas. Cost of living here is really low, however, don't count on travelling by bicycle unless you live very close to campus (lack of bike lanes and terrible drivers= terrifying). Plus, today, there was a horrific bike vs. pickup accident....
OH, and get used to breathing and chewing on dust. It's WINDY here (a good day is when its 15mph). There are dust storms AND mudrain (so be prepared).