You have three basic choices.
In Town: Beautiful old mining town, convienent walk to shops and restaurants, but expensive and noisey. Depending on where you stay it may be a few block walk on snow covered streets to the lifts.
Mountain Village: Pseudo Euro new construction of shops, bars and hotels (think Vail), quieter than in town, only pedestrian traffic, easy access to lifts, and a free gondola ride back and forth to town at all hours. Some accomodations a little cheaper than in town, but also very expensive ones. Some very nice views but not as awesome as in town.
If you stay in Town or at the Mountain Village you do not need a car, so you can shuttle from the Montrose or T-ride airport and you are good for the week.
Out of Town: Ridgeway or Rico. 45 min. drive on mountain roads that can be a little sketchy if it snows a lot, cheaper accomodations including 1/2 price lift tickets. Rico has one restaurant at the one hotel. Ridgeway has a few motels and restaurants, plus Ovris Hot Springs and it is about 1/2 way to Silverton from T-ride. There are also a couple of small places "down canyon" around Sawpit on the way to Ridgeway that I don't know about, which are about 15-20 minutes from town.