I've been to Lubbock probably a dozen or so times over the last few years and just got back from spending a week there.
If I had the opportunity to move there, I'd consider taking it. Of course I have my kids here, so that wouldn't happen anytime soon, but otherwise I would live there. I love the climate. My allergies are nonexistent when I visit. And cooling off when the sun goes down is good in the summer. In College Station, it never cools off, even in the middle of the night. It is windy, but not as bad as most folks make it out to be. Heck, today it's windier in CS than it was when I left Lubbock. I ran 4 miles on Monday afternoon during the hottest part of the day--it was about 84---and hardly broke a sweat.
As another poster mentioned, the cost of living is ridiculously cheap. Last night I went to Triple J's (great beer, btw) and my three beer tab was 7 bucks. I wasn't drinking Miller Lite's either. These were the microbrews--ales.
People are extremely friendly. I've run across a few mouthy Tech students (when they've found out I'm an Aggie alum), but those are far and few between and it's never bothered me. In fact I've partied with Tech fans at tailgates and always felt welcome.
The size of the city is perfect, IMHO. Lubbock is roughly the size of B/CS, and has it's own identity outside of Tech.
Parks are nice. And there are trees. You just have to know where to look.

Another thing that I notice--probably because I'm involved in traffic engineering--are the nice wide roads. And the city is laid out in a easy to navigate grid inside the loop.
I'm not sure about the schools. I've heard Cooper is good. Not sure about the crime rate either.
The big drawback for me would be the dirt/sand blowing around all the time. Even when there's not a sand storm, I felt like I had a light layer of grit on me the entire time. Of course I was outside quite a bit. And, it's pretty brown. CS is green nearly year round.
Otherwise, though, I've always enjoyed visiting Lubbock and always look forward to returning.