Hey, Will62, I was also born in '62. I know the Waterloo area very well and hope that you settle there. I hope to return there soon. Curious as to where you are coming from. That has an impact on how you will like Iowa.
As far as the immediate area, there are a few outdoor attractions, such as Hartman Reserve, Cedar Valley Nature Trails, Geo. Wyth State Park, but if you go northeast, there are many more parks, etc. which are a one to two hour drive. Easily done in a day or weekend. Same goes for fishing, as the Mississippi is just 90 minutes east.
As far as entertainment, there is UNI and the Gallagher-Bluedorn Center, especially, but also concerts and the like that you would expect to find at a university of 13,000 students. Also, Wartburg College in Waverly, less that one-half hour north of Waterloo has a great artist series and other entertainment. Waverly, surprisingly, has a decent night life for a town its size, even independent of the college. With the four lane US 218, US 20, etc. it is an easy area to get around in, too.
Speaking of small towns, are you interested in them at all? Housing is inexpensive. I would suggest looking at Denver or Janesville (can rent a house for $600 or less in Janesville), the latter being half way between CF and Waverly and also roughly 10-15 min. from both colleges and 20 min from downtown Waterloo. The entire area is full of "down to Earth" people. Easy to follow the links to view those towns on City-Data.com!
I would suggest visiting
www.wcfcourier.com, the Waterloo-CF Courier website, and follow the link to "Guide to the Cedar Valley" as it gives a great overview of the entire area. GOOD LUCK!