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The Liu Ting Airport is quite a distance north and east of town. The only way out of town might be is taxi, and that'll cost you from 50-100 RMB. A brand new highway means there are now basically two routes, so traffic shouldn't be that bad. Travel time can range between 30 minutes to an hour.
The Qingdao rail station is famous for its German design and flavor. It's located in the heart of the old section of town. People just arriving would be advised to seek accomodation in the new, commercial part of town, several miles to the east along the waterfront. Bus No. 26 has a stop next to the train station, and will take you all the way to the commercial district, passing several nice hotels along the way. Taxi is a lot easier and not much more expensive than the bus, though. There is a taxi rank outside the East Exit. Taxi drivers are licensed and use meters.
There is a bus from the airport to central qingdao that costs about 10rmb, although you need to keep your wits about you and have your travel book open!