I've spent the last five years in Blacksburg. Just finished up my Master's about a month ago. Absolutely love the area. I'm home now (about 2 hours away), but I still have my place for a few more weeks. I've been making a trip up there about every other weekend since I graduated. I guess I'm having a hard time letting go. Ha.
It's really nice this time of year, as the vast majority of the students are home or doing internships. The streets, bars, restaurants, etc. aren't crowded at all.
You'll discover it's a college town. Downtown is mainly sports bars and places your typical student would frequent. Plenty of places to drink, and none will be crowded tonight. Most of your typical chain restaurants (like Outback, Olive Garden, Red Lobster, etc.) are located in nearby Christiansburg, only about 5-10 minutes away.
Enjoy your visit! It's a wonderful little town.