First and foremost, Indiana is a classic example of what many might portray a large state school with 'big-time' sports to be. This is a place with something for everyone...the only people I know that are not satisfied with their experience thus far are those who think they may be denied admission into Kelley (business school) or those who have had difficulty making friends.
I'm from the northeast, and came from a huge high school. The amount of friendly, approachable people I've encountered at IU has been nothing short of remarkable. You will meet jerks, surely, but for the most part, Indiana students are a very welcoming bunch; if you are even a slightly outgoing person, you should have no trouble fitting in here.
The campus is beautiful during the fall, spring and summer. I can't say much for winter...it's pretty damn windy and cold, as you'd expect in the Midwest, but the limestone buildings are a nice change of pace in comparison to the typical brick buildings you see across most universities. Computers are everywhere and very accessible, as is almost anything you are looking for on campus.
Academically, Indiana is an interesting place. Many programs at Indiana are actually much better than I thought upon attending. Clearly, the business school (Kelley) and the music school (Jacobs) are the two cornerstones of Indiana education, and it shows. If you live in the northeast neighborhood as a freshman, 99% of the people you encounter will start off as business majors. Many of the out of state kids come to Indiana for Kelley, especially those from the northeast, and perhaps even more so, international students. I have not been here long, but I have yet to meet an international student who was not at Indiana for the business school.
My impression is that a degree from Indiana in business or music is about as good as it gets, and you will not be disappointed with your academic experience in either of those departments. As far as the other programs are concerned, they vary from very good to disappointing. In my opinion, as far as math and science are concerned, you are better off at IUPUI or Purdue as far as state universities of Indiana go. Indiana also has no engineering program, so if that's of interest to you, look elsewhere. The journalism program is pretty well-renowned, SPEA (school of public and environmental affairs) is rising quickly; if you have any interest in the environment or public policy, Indiana is absolutely a strong choice.
In short, Indiana is pretty solid academically. Nobody is mistaking it for Harvard, but for undergrad, you can't go wrong with much here. If you are looking for a science or math-intensive major, however, unless you are an in-state kid, I would think about going elsewhere, especially considering the insane cost of tuition these days for out of state kids.
Socially, Indiana is your classic big state school. Most people love partying, and you will not be disappointed if you came here to binge drink and indulge in what Hollywood especially has portrayed college to be. One thing I would advise for non-drinkers, however, is that you may need to be willing to at least attend parties your first semester. Freshman especially will be looking to go out almost nightly, and you find it difficult to adjust socially without at least being willing to go to parties and meet people. There are definitely people at IU who are not the partying type, but they are also definitely difficult to find initially, with so much of the freshman class focused on going out and drinking most weekend nights.
The Greek scene is also not overwhelming. Those in frats and sororities tend to think that you need to be Greek to fully enjoy IU socially, but in reality, there is plenty to do for everyone here. Some frat houses are nice, others look like crap. Many people feel as though they won't get the full IU social experience without pledging, but you can do just fine without being a part of one. Some people view frats as paying for friends and a complete waste of time, whereas others view it as an opportunity to create lifelong bonds amongst a close group of people. To each their own.
Bloomington is a nice little college town. I find it to be a bit small, but as a freshman, I haven't gotten to explore it as much as I would have liked. It's functional, though, and does a variety of nice shops, bars, and a nice downtown area. For those coming from a big city like myself, however, it may feel like a step down, and the university itself may feel like a bubble.You can't go wrong with Indiana, in my opinion. It's a very welcoming place, and I haven't met more than a handful of people who have been dissatisfied with their experience here. It is pretty solid academically, and being a part of a big-time (albeit horrendous in football and basketball at the moment) athletic program is pretty awesome. If you are from Indiana, this school is a safe, inexpensive option. If you are out-of-state kid, going to college far away can be very trying initially, but you will definitely benefit in a countless number of ways from being thrust into a new environment with 30,000 unfamiliar people. Indiana has a very special atmosphere, with a lot to offer to almost anyone. Give it a shot.