We moved back after living in Omaha a few years. Got a decent job offer in Ames. We really like it. Now, the older you get, the less likely to visit Welch Ave, but that's OK. We have a baby now and don't get out as much as we used to. But there are some places on Main St that are fun and not overcrowded with students. Places like Whiskey River, DGs Taphouse, London Underground. And the students that are there understand that it isn't Welch Ave and are comfortable with people in their late 20s early 30s (or older) around.
Houses in Ames are expensive. You get more house for your money in the smaller surrounding towns, but it probably evens out with the commute. I'd hate to have to drive for every little thing I need to buy. We really missed the restaurants and shopping that Omaha had after moving to Ames, but I think that is improving. It has already and we've only been here a few years.
As for the students, there are none in our neighborhood, so really all they affect for me is traffic and waiting in line. We do LOVE the summer here...traffic is down, and they have live music every Friday around Main St. Oh yeah, and the best thing? Driving across town for MBB and FB games.