Phew, I haven't posted in quite some time!
I went to MSU for UG, so I can answer any questions you have about the school or the area. It was definitely a lot of fun to go to a Big Ten school. The campus is gorgeous, the people are friendly, and there's never a problem finding something entertaining. The law building is new(ish) and the facilities are great, and while the graduate dorm is right across the street, I would agree that living off campus is a better idea. If you get to the point where you know you want to attend and are looking for housing, check out allmsu.com. It's a little bit like craigslist for the MSU community, and includes classified ads, rental listings, and apartment reviews.
I do think it's a great idea to wait and see where else you are accepted though, especially if you don't want to remain in Michigan after you graduate. I have also heard some less-than-stellar things about the school, and having U of M only an hour away, Cooley in downtown Lansing, and Wayne State in downtown Detroit, you may have trouble finding jobs, especially in our tanked economy. Oh, and don't forget about the bitter winters.