Bozeman is an odd mix. Original residents who are pretty narrow minded and not very excepting, newer residents who tend to be in technical fields or very environmental, and the student population. I have lived in the county area around Bozeman for about 15 years. One thing I can say is folks in most the neighborhoods do not like change. Be aware if you do something your neighbors do not like you will hear about it. Just about everyone in Bozeman has a strong opinion and voices it. It tends to be on the conservative side of politics. Some folks can be snooty - there is "money" in Bozeman. The Bridger Canyon area boosts mostly multi million dollar homes and then there is Big Sky to the south.
There are postings here that students do not feel accepted. Some of that has been caused by a few bad seeds that have not been the best behaved around town. Many of my neighbors are professors at MSU and have students over to their homes. Many are great responsible young people, others speed in residential streets were children play, are loud and party at all hours. It all depends on the experience that residents have had with some students and it has caused friction.
Housing is high compared to other places. There are tract homes on the west side, older historic homes downtown, large lots with homes on the south side, and then very large luxury homes in surrounding areas. In the 2009 economy prices have dropped, but not by large percentages. It is still a pricey area and it costs to live here.
There are major retailers. Home Depot, Lowes, Costco, Target, Petco, CostPlus, Walmart Supercenter, about 6 large grocery stores and many local stores. Downtown is galleries, boutiques and upscale dining - nicely restored and a bit touristy. Being the largest town with a regional airport to Yellowstone there is regular tourist visitation. It can be busy in town on weekends.
I am not certain about lack of culture mentioned. There are movies, plays, concerts, fairs, farmers markets, and special events. Hiking, mountain biking, fishing, and hunting. To me it's lots to do if you want too. If you are from NY, Chicago or such then you'll probably find it lacking in performance arts.
The biggest thing people moving here should consider is the weather. Spring and fall are stunning. Summers are usually mild, but can be in the 100's late Jul and early August. At 4800' the west sun hangs in the sky for hours and bakes you in the summer. Winter is TOUGH. It can be in the single digits temperature and humidity for weeks. Mid week you can expect -10 to -20 for at least a few weeks. It is a dry semi arid climate. Not as green and foresty as many expect. Bozeman lays in a valley with two mountain ranges to the northeast and south. The views are great and can draw you in.
It is not the perfect place to live, but it is pretty darn nice. I'd suggest to anyone to visit in all seasons over a year to get a real feel of the town.