There have been several threads on this, also try the PCOM Class of 2011 thread. As far as feeling like your missing out by not being in center city. I am almost done with my second year and only go down maybe once a month if that. I grew up in NJ, so its not like I'm a country boy, but its usually more of a pain for me, $20 to park, otherwise you have to take SEPTA. I know its not really a big hassle, but the city doesn't do much for me. If you really want to live downtown, I know there are a few people who do. I can't comment on the rent or if they drive or take SEPTA. I would imagine it would be more expensive, but don't quote me on that.
You are going to be busy, you will have some free time to go out and usually if our class goes out its to manayunk since its more accessible. I chose to live within walking distance of school, I don't even have a parking pass and I like to convince myself I'm saving a ton of money by never having to get gas, but that is def not the norm. I would say though most live within a few miles, roxborough, manayunk, right on city ave, only a few commute more than 30 min, a few are actually from out of state in our class.
