I live in that part of the country and Bristol is really pricey now - although if you are coming from the south east, it might not seem too bad. There are areas to suit every budget, but most of the ones that don't require a lot of cash are nasty. If you live outside and commute in, do it by train or from the M5 - the traffic going through Bristol and from the A37 is ****, as is that from the M4. And avoid Filton like the plague in the morning for traffic, bloody awful. UWE, HP, MoD Abbey Wood, all trying to get down a traffic light infested ring-road.
Depends what you're after - if you are young and don't drive much and want to live in the city and all that entails (transport, eating, drinking and the like) it's great, but if you are an old ******* like me and need to work and live there with a family, other options might appeal more...