OK, I'm an Alabama graduate fan, and I agree that "Cow Town" is ridiculous. The term is "Cow College." When I first visited Auburn in 1972, the AU bovine research department was right on the interstate, and you had to go past the Swine Research Institute to get to the university. Yes, really.
That said, Auburn is a leader in these fields, as well as others, and I'm proud that Auburn is in my state. And I must add: 36-0. Roll Tide!
Auburn is a small town, with typical small town limitations AND advantages. As a university town, it is a good bit more sophisticated than a typical Alabama small town (see next-door Opelika). There are some interesting shops, and several non-chain local favorites which are getting crowded out by chains. To my knowledge, few higher-class restaurants - the market just isn't there.
I think it would be a pleasant place to live. You would be driving to Columbus, Montgomery, Birmingham or Atlanta (just a couple of hours' drive up the interstate) for major shopping or dining.