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I'm originally from Riverside and I have to say I love it. Maybe you have to grow up in the industrial sprawl and decay of southern california to truly appreciate it.
The downtown area where the Mission Inn is located is a pretty nice area to go and have dinner or do some shopping. There's a really great Renn Faire shop on one of the side streets there (if you're into that) as well as alot of cool thrift shops. Also, there's some neighborhoods in that area that are historic neighborhoods with housing from the 1920s-1940s. It used to be very expensive in the last few years, but with the mortgage meltdown, things have gotten much cheaper. My mom lives there on a very small retirement so I'm sure a $16K stipend would be survivable for 2 people.
The brown air does come and go. The nice thing about being near the coast is that in the mornings and evenings it's cooler weather. It's a quick trip to Santa Monica or West Hollywood to hang out at. Also, if you're looking for really cheap places to live, check out San Bernardino which is right next to Riverside. Just have to watch your surroundings because there is a bit of crime.
As to the job market, I believe (I might be incorrect) that Riverside has one of the highest unemployment rates in the country. So not too good for looking for a job, but probably depends on what someone wants to do for work.