Hey I just graduated from MSU last week, here is my 6 &1/2 year perspective (took two years off in the middle). Quite a bit has changed.
For starters, MSU is far more crowded than when I started. Faculty, Facilities, and resources as stretched very thin in some of the programs simply because the administration is too stingy to expand faculty and facilities. Most of them are still great programs, but depending on how the next few years play out that could change dramatically (especially the Engineering program).
As far as Bozeman goes, its really hard to find a good place to live. If you ever do, find good roommates and keep it all 4-9 years you are going to school, don't expect to be able to find a better/closer place.
As far as the skiing goes, please please please be very careful when thinking about going BC riding. It takes 3 hands to count all the people I have known over the years who have lost their lives to avalanches.
I am currently skiing at Bridger, Moonlight & Big Sky, and each one has its own perks. Moonlight has the fewest people, and I doubt that will change with the merger. It has great terrain, and arguably the best snow around (north facing high elevation). Moonlight also usually has the best park, not sure how that will change with the merger, but chances are it will still be rad.
Big Sky has all the terrain you could ever want, except maybe steep glades(it has a few). Alaskan style faces, chutes, and cliff bands, a good park, pillow lines, and tons of open space.
Bridger is a great midweek mountain. If you have a day or two off during school, that is the place to be, but it is expensive once you are older than 18. The ridge terrain is great, but DONT TAKE IT LIGHTLY. Its still backcountry, and people still get hurt/die on the ridge. So again, know what you are doing, and know that who you are with knows what they are doing.
If you have any questions about MSU, Bozeman, or the skiing around here, ask away.