I loooove the Chapel Hill area. Did my undergrad there, moved away, then moved back.
There's lots of very expensive good food, and some cheap food too. Good bars, and great coffee shops. It's a chain of small towns, so everything's easy to find. Having a car is helpful, but the bus line is FREE and really CLEAN. Not sketchy at all. If you choose to live far out (to save $$, which a lot of people do, rent can be 1/2 as much if you go 5 rural miles away), there are park and ride lots with bus service every 15 minutes. Also great hiking, canoeing, bike trails, etc, etc.
For the liberals, hippies, queers, anarchists, hipsters, environmentalists, artists, coffee snobs, foodies- your haven is Carrboro (which is abou 1/2 mile from UNC). Welcome.
You will like: Weaver St Market, Cosmic Cantina (which is the great uniter of everyone who wants a great $3 burrito), Cafe Driade, Orange County Social Club (bar for older hipsters), the SpeakEasy, Padgett Station (coffee), Open Eye (coffee), Queen of Sheba's (Ethiopian), and now I'm tired of listing things. Hope that helped a little.