After three weeks in Bangalore, I love this city. All in all it is totally amazing. This city has all sights of India concentrated to one big melting pot of cultures and social ranks.
I lived for the first two weeks in a service appartement at Varthur Road, Whitefield(the place to be for IT guys). Nearly every global player has settled down in Whitefield or Electronic city. As contrast all cool places like the MG road, the student area Koramangala are at least 40min apart. Although, there is everything what you need for your daily life. So if you only use Bangalore as your base to make journeys all over India and you go for an internship to an IT company, that's the place to stay.
Check out Hyper City, Forum Value Mall, Sportsbar, and a good bar between Dominos Pizza and Cosmos Mall. I hope, I will find it in the next few days and figure out the name. To sum up everything is around, just have to know where.
As mentioned above, one need 40min to reach the city centre by public bus. But attention, the rickshaw driver in Whitefield know that every guy here is working for an IT company, and so they will try to cheat you. So, I think it is cheaper to take a taxi or the bus. Another amazing fact, buses are the faster vehicle in Bangalore, I assume that is because they are the strongest vehicle and get the priortiy in this crazy traffic.