Indiana University is the kind of place where the rule "you get out of it what you put into it" is very true.
If you roll up to class everyone in a while, party all the time, and write papers after snorting Ritalin, you'll have a great time - if thats your thing. You probably won't have a job when you graduate, but you'll have a great time.
If you go to class, speak in class, stop by the professor's office hours, actually do the reading, you'll find professors who you can build strong relationships with and who can provide you with excellent opportunities.
IU is so large that whatever you want is what you are going to get. It is all about what you put into it. Party School? Check. Institution of Academic Excellence? Check. Fun place to be somewhere in between these two extremes? Check.
I think this is a great state school. It is set in a nice town that is safe, yet fun. The college offers a variety of degrees and it is easy to find one that fits you best. There are many activities, varying from the arts, political interests, to fraternities. It is a large campus and yet it feels small. Also, the honors college offers a different college experience that can really benefit those who choose to challenge themselves. I highly recommend this university to all.