I am a current MS I at LECOM and feel the school is great. I did a masters program at Boston University School of Medicine where I took several of the medical school classes. In comparison I'd say LECOM is very much up to par. I would say they're slightly below BU's standards, but the focus of the education at the 2 institutions is completely different. I'm not sure what you consider a reasonable cost of living, but just to give you an idea you could easily get an apartment for around $600-$700 (give or take, depending on what you're looking for). For myself, I live in one of the nicer apartment complexes and pay $860/month (this is for a 2 bedroom, 2 car garage, washer/dryer, and some other goodies). Overall, on a monthly basis my budget is roughly $1000. I'm living w/ my fiance who pays half the rent, so I guess technically my monthyly budget is about $500. This monthly budget includes rent, food, phone, internet, electricity, gas, and digital cable. All in all I'd say it's very reasonable.
As far as an overall impression of the school... Some of the rules are a little wierd, but it's not so bad. They prepare you well for what's to come in the future. Not to mention, the experience is really what you make of it. If you have any questions feel free to drop me a PM or post another message.
Bret