Grew up here, family has been here since 89. I have lived on the north side, yet inside 270 in worthington. Luckily my immigration law firm is right at the corner of 161 and 23 basically and so traffic is never an issue. Columbus as a city has really grown outside the 270 outer belt within the last 10 years.
Before I left to play soccer @ U of M in 2001,I attended St. Charles prep for high school, and st. Michael in worthington for grade school, so I can't comment necessarily about first hand experience with the public schools (although Bexley, worthington, and upper Arlington are known for being great school districts).
All in all columbus isn't too bad as those who live here have mentioned. Lots of great restaurants, beer availability, and it's safe. In my opinion it is an ideal place t raise a family. The traffic can be bad at times, however, much better than other metropolitan areas, and is easily avoidable if you learn your way around town. The arena district and downtown has grown within the last 7-10 years as well.
Real estate values are pretty reasonable as well, unless you begin looking in Bexley, some spots in upper Arlington, and Powell or new Albany. I am tucked away in worthington, which I consider to be a great part f town.
Also, there is an UM alumni association which is quite large gathers to watch games and party together, so there are a lot of us around.
If you have any more specific questions, feel free to ask.