I spent 7 months in Collierville, TN as a contractor at FedEx in Spring and Summer 2006. In general I like this small town, coz it's pretty quite and clean, and much safer than the nearby Memphis. You can find several decent apartments around, which are mainly inhibited by FedEx employees and their families. People are generally nice and educated, and you have no problem finding places to buy the things you need.
This town is growing very very fast. According to my friends at FedEx, the town expanded both in size and content amazingly in the last ten years. It used to be pretty covered by woods, which is being cut away to make space for commercial and residential plans. I guess the main reason is the prospering FedEx and the people who work there.
Yet this town itself is still a little bit dull. For activities I usually go to the nearby Germantown, which has more restaurants and fun. If you live there, get yourself some friends from the FedEx workforce. They have activities going on all the time if you really get into their circle. :)