Its not that bad, Chorlton is one of Manchester's better areas, (most houses cost at least £250,000 and many go for well over £500k), The Doves, Elbow, Badly Drawn Boy, Manni, Bez , Craig Charles all live in Chorlton as did George Best in his United days.
You're basicaly right next to the countryside, Chorlton Eas which is next to it is one of the only three official nature reserves in Manchester, two of them are in Chorlton.
Public trasnsport is fine in Chorlton but because of stagecoach there has been a general worsening of services, so you really need to walk to Chorlton Office to get the bus, these buses run every 2-5 minutes and it takes around 25-30 mins depending on traffic. You can use a uni rider on these which means its very cheap.
Chorlton is also famous for its food, Chorlton has many award winning cafes and eat outs, it also lots of delis catering to for all tastes.
The typical Chortonite is form Cornwall/Devon, eats lot of veg, has 6 degrees, 3 maters, a PhD, reads the Guardian and ride a racing bike with a brown basket attached to it. I was walking past my local bar last thursday and counted 14 bikes parked outside (push bikes that is!).
However Chorlton is a place you live when you have graduated not when you're a student. Its all so much more relaxed than Fallowfield so some of you may like or not like that. The bars all tend to close at 12:00 or 1:00am at weekends but it only takes 15 mins to get into the city centre at the time of night and buses run till 3:30am at weekends, at weekdays they stop at midnight so this could be a major problem.
It will cost you about £12 for a taxi at that time of night.