Great place, underappreciated for hunting and fishing just like Great Falls. Like every mid-sized city/town there are bad places and good directly reflected on home prices. I'm biased to the NorthWest part of Billings - because that's where I grew up! But plenty of nice places to live in Billings. I'm not up on good places to eat, am partial to Rio Sabinas because it's close to where I visit when I go there.
For fun things to do I'm also not familair recently, but I always seemed to leave town towards Red Lodge skiing, anywhere in the Yellowstone or Yellowtail Dam to fish, 10 - 50 miles in any direction to bird hunt.
IMHO, a great place to raise a family in an established vs. trendy town with huge outdoor opportunities all around.