I attend one of the major universities (NC State) but plan to stay here after I graduate. The three major municipalities (Raleigh, Chapel Hill, and Durham) are different enough and have a wide variety of suburbs around them to offer a lot of options for different price points, if you're planning on moving here.
I've met lots of different people in the area, and there are tons of things to do. Lots of good food.
The traffic isn't that bad. The major interstate that connects the three areas (I-40) gets congested some during the day, but it's nothing like what you'd see out in the valley. Living anywhere in the Triangle means you're effective 30-40 minutes away from everywhere else, so I know lots of people who live in e.g. Raleigh and work in Durham (or in the Park.)
The weather is pretty good! A bit hot in the summer, but spring and fall are really nice, and the winter isn't too cold. We usually only get 1-2 snows a year.
The best part though: you're 2 hours from the mountains and 2 hours from the beach. When you want to take a vacation, you've got both options to choose from.
Above all else, it's a fast growing area. Our public transit needs a lot of work, and there are plenty of other areas for improvement (bringing more startup talent to the area, rather than older established companies.) It's growing pretty notably though, and I for one am excited to be a part of the process _before_ the area explodes. 10 years from now, the area is going to be a lot more popular.
(I honestly don't know why that name has stuck, sure historically they may be linked, but unless you want to deal with ungodly traffic every day, you're probably not going to be going between Raleigh and Durham)
Durham has some serious unresolved problems with crime, Raleigh and Durham both have problems with traffic, the tech scene is not that robust, house prices are on a rocketship shaped trajectory and frankly it feels like a bubble.
I think the core of my complaints has generally been, if you want suburban sprawl, you can go literally anywhere on the eastern seaboard. There are safer cities than Durham, there are cities like Raleigh that don't have the same problems with growth it's facing
If you want a "city feeling", RDU isn't it. Raleigh downtown is how many blocks? Not many. Public transport is terrible so you're going to need a car if you can't contain your life in it.
Maybe if you have a family to settle down and strong earning power and good savings it's a good idea (that is to say, maybe I don't know, I still wouldn't). Or you're on the opposite end of the spectrum and have a lower income and really young with more interest in living in a "happening" place.
But for a new grad in tech or something in demand, your earning power is squandered on suppressed salaries (and no, it's not that mindboggling cheap to live there, especially not with all the money flowing in from all around the country), you're a little bit older than the point where most people are more interested in how many breweries per square mile there are. It just wasn't an appealing proposition to me.
I moved back to NYC and now I make 1.5x what I did there, but my living expenses have not risen nearly 1.5x, and I've probably saved up in 6 months more than I did in 1 year there... at that point you can afford a few nice vacations a year to make up for the weather