The location is prime if you want to split your time among the two canyons. Also, Park City and PowMow/Snobasin are within a reasonable drive. If you plan on focusing your stay at a single resort, I'd consider something more slopeside, there are some cabins available for reasonable prices in both canyons, which we considered, but then you are kind of stuck in the canyons with no restaurants, bars, stores, etc., nearby and you have to drive a long way to go anywhere else.
We stayed in this condo
basically 5 minutes from access to either canyon and got his last-minute rates 50% off so we only payed $145/night, but even at full price it was a good bargain, 4 bedrooms, very comfortable beds which you usually don't find in rental units, fireplace, small hot tub, 3.5 baths, game room and lots of seating space.
I confess we didn't do much in the "night life" department this year, but since we were there mid-week late in the season, I would not expect much in the way of night life even in Park City proper. When we were there last year February in PC, the bars were all empty on Monday/Tuesday/Wednesday/Thursday anyways.
We didn't do much exploring of the Cottonwood Heights area. There was a 7/11 right down the road and we were about 1 mile from a grocery store. We basically drove to the mountains every morning, and home from the mountain in the afternoon. We stocked up on groceries pretty much the first day so we didn't go out to eat except for our last night at a place called "Porcupine" which is right nearby the 7/11. Everything there was very pretty much excellent & we saw Louie Vito and Stevie Bell and a few other people across the restaurant, which was interesting experience for a bunch of us midwesterners.