I was born and raised in El Paso and loved every minute of it. Having said that I received my undergrad at U of A in Tucson and now reside in Phoenix and would never even think about moving back to El Paso. I do however need to return and visit a couple times a year to get my fix of Mexican food as there is none better in the world IMHOP. Hostile pretty much summed everything else up exactly as it is.
Not sure where you would be moving from but E.P. is definitely going to be different. If you are looking for a job that is going to get you some necessary experience that you cannot get in a bigger market then I would do it as the competition is not as great, however if you have other offers somewhere else I would consider the alternatives. I think that it comes down to where you are from. If you like "big city life" you will most likely hate El Paso, and if you are used to smaller cities you will probably love it. It will also help a lot if you speak Spanish as most of the population is Mexican. (Close to 75% if I remember correctly)
Either way, good luck with your decision and hope everything works out for you. If you decide to move there let me know and I can give you some great tips on where to live, eat, drink, party, etc.....