Living in Rossio is central and convenient, you're right in the very heart of the city:
Bairro Alto one short climb away, the whole of Baixa stretching down another. And even Alfama, famous for its medieval alleys and backstreets, is just beyond. Rossio is exactly where the old town begins. It is a largely touristic area, but the student apartments and residences here tend to be very cool.
It's a lively neighbourhood, filled with Portuguese culture and history, really close to some of the best typical restaurants in the whole city. As a historical area, the buildings are often quite old, but most apartments have been redone. And in Lisbon, of course, the older a building is the cooler it usually looks.
Getting around Lisbon from Rossio is great: you've got a Green Line station (Rossio) and a Blue Line station (Restauradores) so close to each other, they'll take you anywhere you need to go. If not, you've got hundreds of buses and trams to choose from - just head to Restauradores or Praça da FIgueira.