What up alphacentauri!
Well...I'll be attending Mayo's MD-PhD program this fall. While money is an issue I'll leave that part to you. So I'll comment on location.
I'm from New York City. And I'm quite aware that Rochester,MN is NOT NYC in terms of weather or location. That said, I've visited Mayo twice to make sure it was the place for me. Because you're considering between Stanford and Mayo you're probably wondering what schools I was choosing between just to get a better perspective of where I'm comin from...okay... so in addition to Mayo I was choosing between the MSTPs at Mount Sinai and NYU and the MD programs at Columbia and Yale.
After visiting Mayo twice I felt more and more that the place isn't so bad. I mean, the way I see it..between lab and classes I'm not going to be clubbing all the time. I mean Rochester actually has three clubs (which by the way IN NO WAY resembles ANYTHING like those of NYC), a bunch of bars and a bunch of theatres. Furthermore, the Twin Cities are only an hour away and I thought it was pretty cool too. As for going to the beach -- hmm...maybe you can go when you're back home during the summer...
I too am VERY VERY VERY family oriented. I mean I used to go home on the weekends from undergrad ALL THE TIME!! But then again...I'll still see my family and friends during the regular breaks and a flight home is only $59.00 one way. As far as my non-family friends go... they too are going to grad school or going to get jobs and what not...so whether I stay here or go there I'm not going to see many of them on a regular basis anyway. Also, I must say, I like the snow. But still Minnesota is a totally different story during the winter. So if you are completely set on the sun and surf all year round -- I say Cali is the way to go.
Being in NYC I've never really experienced the "great outdoors" type stuff like hiking and camping and rafting and all that. In Minnesota these things will be a new experience for me.
Now for the academics...I think you know most of these things -- but I was completely thrilled by everything that it had to offer. As for research, I've never encountered this much translational research (I mean to the point they ACTUALLY use it on patients). There was once an MS patient at Mayo with some severe neurotic problems in addition to her demyelinating degenerative disease. One of the lab PIs (an MD) had data from his studies showing the effect of IgM-kappa to assist in remyelination (as opposed to other more invasive therapies) which of course was backed up with an IMMENSE amount of in vitro and in vivo animal model studies. Knowing that this women would die nonetheless, one night he went in and switched up the IV bag with IgM-kappa (high dose for 48 hours (in addition to other stuff I'm leaving out based solely on the research) This was eight years ago-- she still lives today. I don't think there's a better place in the country that keeps patient records and specimen like at Mayo. You can pick up the epidemiology of your research in almost any affliction there is.
Also the teaching there is fantastic. All the teaching is done by the attending house staff. No senior students or junior residents will scut you (unless you like that kinda stuff).
In the end...Mayo fit my research and clinical interests...which outweighed the location issue for me.
Alrighty then....
The choice is yours. Just like EVERYONE says -- do what you feel is best for you. Even if you're saving yourself a load of cash -- you don't want to be miserable there -- that would just suck.
Take care -- and good luck with your decision. Let me know if I can be of help in ANY way.