I also grew up in Delaware and actually will be moving back there from SC in a few weeks to start my first RN job at Christiana. I went to public schools in DE and they were good(I was in Red Clay, not sure about other districts as much), but yes, there is busing. However, there are also tons of private schools in the area of varying prices. All in all, educationally, there are tons of options.
Between Trolley Square(which is now a thriving area for young professionals) and Newark, the night life isn't too bad. I have always enjoyed it. And, we are close enough to Philly, DC, NYC, etc to go up there for events/occassions. We're close to the shore/beach, and for me, you can't beat that in the summer. Another thing, tax free shopping!!!
In my experience and what I've seen while looking, rent hasn't been too outrageous. It is high compared to SC where I am now(no way can you rent in DE for the $450/month I pay now), but it's still very do-able.
Good luck and I hope you like Delaware!