I would visit Lubbock too, but I'm not sure I'd classify it as simply a college town. It is an area with over 200,000 people and the largest city in the area for hundreds of miles. It is the largest city in West Texas. Sure, Tech dominates as it is the major source of entertainment in town (at least athletics-wise, but I'm sure it also dominates other parts of the culture), but in my opinion, 200,000+ is too big to simply be just a college town.
I would visit because it is isolated and the weather would be incompatable with some (see: dust storms). I've been a couple of times, and once it was pretty cold, the other time just plain windy. I wouldn't particularly want to live there, but I can see some redeeming qualities...plus, the campus is prettier than I imagined.
False. El Paso is much larger than Lubbock.
On weather/environment; Lubbock is a great choice for those that enjoy being outdoors. It's not as arid as many would have you believe and cost of living is cheap. I seriously considered this over UNM; but ultimately decided UNM would be better.