Cost of living is relatively inexpensive (700-900 /month rent). Commuting is no issue or you could readily find a decent single apartment downtown for around 900. Medium sized city (big enough where there's always stuff going on but small enough where there's very rarely traffic). Reasonably warm (moderate) climate. The city has a very diverse population (what large city doesn't).
The medical campus is separate from the undergrad campus (separated by a few miles). This gives the medical campus a very different feel, in a good way. It is surrounded by the main hospital, city hall, the justice center, Altria world headquarters, etc. Therefore the majority of people in the immediate area are professionals of some sort. The south and east side of richmond tend to get a bit slummy (nothing compared to NYC though). The west side has a huge shopping center, a really classy outdoor mall, and some higher end apartments.
I'm not in the med school (I'm only applying this cycle) but I work with a dozen or so medical faculty, all of whom are extremely knowledgeable and well spoken. I cannot overemphasize the quality of the faculty (at least in the physiology department, as that is where my experience lies).
Overall, I think Richmond is a happy medium between a large metro and a suburban city.
