I've lived in Prescott Valley for the last 8 years. I love it and it's a great place to raise a family. We're outdoors people, so there is never a shortage of things to do - hike, hunt, fish, camp, shoot . . . . the list goes on and on when you are surrounded by public land. Location is perfect because we are too high for the crazy hot AZ temps, but too low for the ridiculous cold. Just a short drive to the I-17, and several routes out of town help me from feeling trapped.
I prefer the location of Prescott (pine trees) over the open space of Prescott Valley, but I dislike both the layout (read: traffic) of Prescott and the overall culture. Too many hippies and old retired Kalifornians who think Prescott should be under socialist rule. Prescott Valley is a little more laid back, more families and such.
if you have the means, check out Williamson Valley - very nice area with the scenery of Prescott but little to none of the bullcrap.
As for temps, we reach 100 for a few days in the summer, but for the most part it's in the high 90's, and it's a dry heat, no humidity. Lows in the winter can reach single digits, with some snow accumulation for short periods of time, more in Prescott than Prescott Valley.
Lots of clubs and organizations, several ranges but I dislike them for the most part. And Gunsite isn't the only show in town.
Any other questions, ask away. There's a few of us here in the AZ HTF that live in the area.