I've lived in Colorado all my life, I will make the following comments:
Jobs: Job market sucks right now, no doubt--however, it sucks everywhere--the population of Colorado is still increasing, thus, jobs will be around for some time. Colorado's economy should hold up better than other states.
Housing: Housing is on the high side, but not universally--$200K can get you a nice home in most areas.
Weather: Colorado's winters are generally mild--we are in the midst of a severe lack of moisture right now, but a normal winter would involve several feet of snow over the span of the winter...however, because of the mountains and the wind flows, you never get that several feet on the ground at the same time--The biggest storm we've had recently dropped two feet on us in 1993. Past that, anything over six inches is rare. I dislike the summer weather more--we are very hot, and very stormy. Northern colorado has one of the highest rates of severe hail storms in the country, and Weld county (near Ft Collins, but does not include Fort Collins) has the highest average number of Tornadoes per year. However, unlike the midwest, it is exceptionally rare for Colorado Tornadoes to be of devistating strength.
Pluses:
--Mountains
--Big city with everything you would want in a big city
--Areas of sparse population (mountains and plains)
--Major international airport makes travelling easy (though flights over the rockies are often bumpy)
--Big name sports town--Denver has all four of the big stick and ball sports and just added a champcar race downtown this year.
I've lived here all my life, so, as folks often do, I thought I hated it...as I've entered my mid twenties and have gotten to see some parts of the country, Colorado is great. As far as your location, ColoSprings and South Denver is a popular area--before the bust, it was filled with Telecom and tech jobs--you should be aware, however, that the cost of housing in that area is substantially higher than places to the north. If you want to be close to denver or boulder (why? Boulder s*u*c*k*s), you should consider Longmont, Loveland, perhaps even Greeley or Fort Collins.