There's really not one neighborhood that's preferred over the other. The newest big development is Binhu which is in the south of the city and there's not a whole lot there...yet. But, unless you're working at Hefei No. 1 High School, you'll probably be living towards the city, so you wouldn't have to worry about that.
Most people live near their schools and make due with what is around. You'll have all your daily conveniences (grocery store, convenience shop, generic mall, so on...) within a 15 minute bus/taxi/bike ride radius of where your school/apartment is. Going more than 20 or 30 minutes to get somewhere is considered a long time in Hefei and usually means you're going to the outskirts of the city or are getting caught in traffic. For example, I live 'far' from my school (about 20-25KM) and it takes me about 20-30minutes to commute with light traffic. However, during rush hour, my commute easily shoots up to an 1 hour.
To give you another idea, it's about a 45 Minutes bus ride from the city center bus stop to the last stop which is in Binhu (the outskirts of Hefei), to give you an idea about what a 'long bus ride' would mean here. But then again, it can take two hours or more during heavy rush hour.
Basically, avoid traveling during rush hour, and getting around Hefei is about a 20-30 minute ride to wherever you need to go.
There are a few 'hip' areas where people go to eat/drink/chill but if you live there it's just by coincidence, not really because those places are 'the place foreigners live'. It just so happens that your school has an apartment there.