Well, even if you don't end up being able to come because of the residency thing, Ithaca is an amazing town. Be sure not to equate it to towns of similar size, because Ithaca is truly unique. I believe it has one of the highest ratios of restaurants-to-people in the country, and by far most of them are unique, small-business type places, known throughout the region.
The geography itself is beautiful too. Ithaca college sits on top of a hill, and you can look down at all of Ithaca, or across to the other hill where Cornell sits. There are huge, beautiful gorges where you can go swimming or running, and can even sit underneath a waterfall (there are many to choose from here). Cornell's art museum is often (if not always) free, and you can see it from anywhere in town.
As far as Ithaca College itself, I know it as the place where you go if you want to hear a great concert. They attract some incredible performers, and have an outstanding music program themselves (far better than Cornell's IMHO). I wish I knew more about the college itself. I know that if there is a class you want to take, and Ithaca College does not offer it, you may enroll in one at Cornell. I have seen Ithaca College students in my classes, so people actually take this option.
Sorry this is the best perspective I could provide on Ithaca and Ithaca College, and I wish I would get out of the Cornell bubble and learn more. But if you were worried about not having stuff to do in Ithaca, don't let that be a concern in the least.