I'm not a fan of Oxford. Its quaint, granted, but not a place I would want to live. Hugely expensive. Council was declared bankrupt a couple of years back, hence no real services for all that council tax.
Getting in and out is a right PITA. Like most cities, esp proper University cities, there is a drugs problem, which may explain the petty crime figures that Oxford has. Last time I parked in the Westgate, it was £25 per day, so on par with London prices. Reasonable park and ride though.
For nightlife, got a certain buzz to the place - it is full of students after all. So lots of pubs/clubs/restuarants.
As Tunnie said, some nice shops, esp Blackwells - a huge bookshop (looks tiny from outside). Ashmolium Museum is huge, worth a visit.
As a car driver, I feel victimised by Oxfordshire CC - they go out of their way to hinder traffic flow. If you plan on using your car a lot, traffic is an issue, esp within the ringroad, and around Botley, City Motors, and Headington areas on the ringroad.
The Universities own most of the land and buildings in the area, and this has prevented a lot of development. Not sure if this is a plus or minus point.
Places I would not want to live are Barton, Cowley, Cowley Road, Blackbird Leys (not as bad as media made out in early 90s), Rosehill, Headington - basically that whole end of the city.
The outlying villages are nice, but expensive. Mrs TheBoy's folks live in Horspath, quite a nice little village. Garsington has a nice feel as well. Wheatley is another place I wouldn't choose to live.