I'm originally from the DC metro area. My wife went to law school at CU. I spent a good part of 3 years in Boulder, Co. Colorado, IMO, is a wonderful place to live. In comparison, DC is WAYYYY more expensive to live in. I'm sure its more than KY. Other than the obvious, CO offers plenty of outdoor living. I do not regret for one bit, living in CO. The 5 mountain pass is extremely cheap (was $350 back in 2004) compared to anything here in the east. If you're an avid skier or snowboarder, definitely a place to be.
Here were my only cons to living there. I know Boulder is one of the most expensive places to live in CO. Would I live there again, probably not. Regardless of the gorgeous scenery, El Dora (easy to get to snowboarding), generally good looking, fit people, and genuinely kind. There is very little culture in CO. Denver is a small city in comparison to most 'big' cities in the US. It's also fairly young. Again, I'm comparing this to the east coast.
You won't find very good places to get seafood (CO is landlocked, in case no one knew!). If you like different kinds of food, as in, Thai, true Chinese, Indian, or anything from the Mediteranean, forget it. It's not there. And believe me, I've looked.
If you like history and culture, expect to pay for it. And not find very much of it. We have the opportunity in Washington, DC to enjoy all of the Smithsonian Museums for free. The Zoo here is free. The Aquarium is free. Most of the festivals are free. Well, you get the point.
Public transportation isn't that great if you live in the suburbs. If you plan on living within the Denver Metro area, then you are good to go. A lot of young people in town. Most of the friends I made are in the age group of starting to have families and children. In general, I've seen them live in the nearby areas of the city (Aurora, Littleton, Thornton, etc).
Rush hour there is like most other decent size cities in the US. It's just there. I commuted from Boulder to Denver everyday, Monday-Friday. Probably a 20-25 miles commute. Generally took about 45min-1hr.
You can find work anywhere. Like most have said, line up those interviews and make a mid week trip there. If all else fails, work retail. At least get some food on the table.
My biggest gripe with living in CO was the 'slower' way of life. I understand that's what some people go there for. But every now and then, I really loved the fast pace of the city. If you've ever been to New York City, you'll know what I'm talking about. It was great to get ANYTHING you wanted within a cab ride. Whether it be food, broadway, culture, dining, dancing, etc. You could go grocery shopping without a car. The city life in Denver leaves a lot to be desired. It was almost like a city that was 'trying' to be a big city. Oh, and expect A LOT of John Elway crap in town. The guy owns everything!
I also missed the Fall season of the east coast. We've got beautiful desiduous trees in my area. It is the most beautiful time of year. A great time to go camping. Camping in CO is fantastic as well with scenery of its own.
Bottom line....do it. You won't regret it. Do it while you're younger and don't have roots tied down somewhere.