Overall:
I grew up in New York and moved to Minneapolis to attend the University of Minnesota. Minneapolis is a nice, clean city and there are plenty of things to do and great places to live, but the people are not the friendliest. If you are not Caucasian, I find that people can be incredibly ignorant and sometimes rude regarding your background. Most of the people that attend the U are already from the area and surrounding Midwestern states and have established groups, so it is difficult to make friends. The vast majority of friends I've made are not from the Midwest, and most plan to move back East or out West after graduation. I know that the U has lost some faculty from the coasts who have trouble with the cold Midwestern personalities. I do hang out with like-minded people, so I suppose you can take my thoughts with a grain of salt however. If you are a clean cut, traditional, moderate sort of person, I think the Midwest would be excellent for you.
Some people complain that the area isn't safe, but in living in areas considered both bad and great, I've never had a problem. There is some occasional, random violence that happens on campus that spills over from University Ave and Riverside areas, but as long as you travel in groups at night, the risk is minimized. The winters are cold, but as long as you cover all exposed skin, that means wearing hats and gloves, you should be fine. The U has a good tunnel and shuttle service so you won't be out too long in the cold. The U has great faculty, resources and there is quite a bit to do, but I'm only applying to schools on the coasts because I can't take the people here any more. :|
Daily Life:
The cost of living here is pretty reasonable for a large city, I lived in a cute studio in Uptown for $440/month, depending on your living situation, you can pay anywhere from $300-650 for the average one bedroom near campus or in a good part of town. Food, entertainment and transportation are also reasonably priced. There are several organic, high end, low end and everything in between as far as grocers go. If you have special dietary needs, finding a place to eat here doesn't pose a problem either. This area does have a good share of unique, quality, indie/cultural sort of film festivals, shows, etc. There is the Minnesota Opera, Minnesota Orchestra and other finer entertainment venues here as well. A great place to see concerts is First Ave. Wages here are pretty good as well and jobs were always available (although thankfully I haven't had to look since the recession has really hit). There is no need to have a car with the UPass, which is an all you can ride bus pass. In the city, the buses connect pretty well and offer good coverage of the city.