Hey Futuresadoc,
I've been here in Be'er sheva for almost 2 years. I've never felt unsafe here. In fact, I feel A LOT safer here than most cities in the US. I know I had a very distorted view of Israel before I came here. It's definitely very different than what is portrayed in the media.
There have been some recent rockets being fired at Be'er sheva, but it's very easy to find a safe place to get to in time. There is a siren about 1 minute before the rocket hits. Generally, as long as there are 2 walls between you and the outside of the building, it is considered safe. A lot of the MSIH students have not even bothered to get out of bed during the siren.
I don't think there will be war though. Both sides seem to be quite reluctant for war. I don't think studies would be halted if there was war though. The university has bomb shelter rooms in case students have to take exams during war time. Overall, the rocket situation has been a total non-issue for myself and my friends here. However, I encourage you to email other MSIH students and ask them what they think about the rocket situation. It's always nice to get different viewpoints.