I found Yellow Springs to be a very pleasant, very arty little community. It has about 4,600 residents and is home to Antioch College. Apartment rental and real estate prices are on the high side because so many people working in Dayton want to live in Yellow Springs.
It's also the home-away-from-Hollywood for popular comedian Dave Chappelle, who was spotted there after his 2005 nervous breakdown and flight to South Africa.
The village really reminded me a lot of parts of Bloomington, IN and Portland, Oregon. (Presumably, it would remind me even more of Eugene, Oregon, another city that has been accused of being stuck in the sixties, but I have not been there yet.)
While we were there, we stayed at the Morgan House Bed and Breakfast, which is within walking distance of practically everything you'd want to visit in the town. The location is the major advantage to Morgan House; while it is far less expensive than most B&Bs, it's not ideal if you're looking for a getaway with your significant other. The rooms don't have private bathrooms, and the accomodations are more rustic than romantic. You also can't lock your room when you leave, and although I was assured my belongings would be safe, I still found it a bit offputting.
Yellow Springs' downtown is nice, but it's small, and the village rolls up its sidewalks fairly early; if you're out and about after 8 p.m., the only food you'll be able to find is at the Sunrise Cafe, which looks from the outside like it might be a greasy-spoon type diner but which is a more formal restaurant inside. The food there is good, but perhaps a tad overpriced.
If you're willing to drive a bit north out of town, a very good place to eat (if you're a carnivore) is Young's Jersey Dairy. They offer excellent burgers and real fountain Coca-Cola made with syrup and soda water that taste much better than the bottled kind. The food is fresh and inexpensive.
If you're a book lover, you should check out Dark Star Books while you're there. The front of the shop has a very decent collection of comics and anime; my first impression was that this was entirely a science fiction book shop, but when I went toward the back of the store, I realized most of their stock is used books on a wide variety of subjects.