I haven't heard of Downtown Village, but Dongzhimen is pretty central. You could walk to lots of bars and restaurants from there, and it's about the best underground station for links with other lines. Very busy, but great once you've got your bearings. I know lots of people that live in that area. Whether you'll like it depends on your family situation (if you've got small children crossing the roads can be a bit tricky), and where your school is. If your school is in central Beijing it's probably a great location.