The weather varies. To me, it's not too cold, but then again I grew up in Chicago where it's much colder. In the front range snow isn't too bad, usually melts in a few days. The summers are awesome, it's sunny a lot and there's plenty of outdoor activities to do.
Entertainment wise it's okay. Lots of bars downtown and decent public transportation to get down there. Large enough city so we get a lot of good concerts often. Again lots of outdoor activities. Skiing in the winter, hiking in the summer. Oooh, and great beer. I want to say Colorado has the highest concentration of micro-breweries in the country.
I agree with Nhuy on the things they look at. From what I picked up GPA is the major deciding factor. Their website claims you can have a minimum of 2.75 but their representatives are upfront with the fact they don't even touch an application unless it's at least a 3.0. They also give preference to students who take more than just the pre-reqs and have a bachelors degree.