I think that Canterbury is a fantastic place for students. It's a friendly city, which, although small, is packed with vibrant culture and niche bars. The universities themselves are excellent - UKC has a wonderful campus and a good acedemic record, whilst Christchurch has a brand new state of the art library, for example. Shopping is good, nightlife is good and diverse enough to satisfy any taste, and even though transport links are brilliant, pretty much everything a student could want is within walking distance.
What I'd like to see is a greater proportion of students settling here after graduation. I know many would like to, but find that they can't afford to.
Also, what strikes me is that the town shouldn't only be recognised as a great place for students to live. The student population fluctuates - most students are only here for 9 months of the year or fewer. The most important thing is that Canterbury is a nice place to live for its year-round permanent residents, which, thankfully, it is.