We moved to Toowoomba in August and are loving it! People are friendly, access to all parts takes no more than 15 to 20 minutes, you are close enough to Brisbane for anything you cant get in Toowoomba (though shopping is adequate), pace of life is great and there is a real sense of community. As said before, the Eastern suburbs are better, particularly Middle Ridge and Rangeville. We are renting in Centenary Heights which is right next to Rangeville but when we buy it would be either of the other two suburbs. Stay away from Northern suburbs altogether and most of the Western suburbs.
Cant comment on schools I'm afraid since our children are adults and therefore, it is not an issue we had to consider.
Good luck with your move!