Academic quality is dependent on your major or degree.  Of course, Kelley and Jacobs are the cornerstones of Indiana University.  The chemistry department is exceptional. 

Bloomington is a fairly large town BY HOOSIER STANDARDS.  People from larger cities will disagree.  The mall is pathetic.  Kirkwood is an interesting place and Bloomington Bagel Company is amazing.  The restaurants in Bloomington are good, with some chains (Jimmy Johns, McAlisters, Panera Bread, all the normal fast food chains) and local cuisine (Trojan Horse, Grazie!, Little Zagreb, Scotty's, Mother Bear's).  Lake Monroe provides another source of entertainment, although I would not recommend the beach (it is filthy and stagnant).  Many folks, including students and people from the area, find a good time in tubing (sitting in or hanging from an innertube pulled behind a boat).  WIldlife at Lake Monroe is abundant and the scenery is pretty (you can see John Mellencamp's house from Paynetown, the campground at the lake).  However, Indianapolis, Louisville, and Cincinnati are all within driving distance of Bloomington.  Spring Mill State Park (pioneer village, hiking trails, caves, nature center) is about 45 minutes south in Mitchell and worth a trip.

Campus is absolutely beautiful, with many old limestone buildings and sprawling lawns.  However, the campus is surrounded by the city, which makes it less safe, something to seriously consider before making a final decision on which college you will be attending.  Bloomington thrives because of IU.  It is a college town, dominated by college kids, although high school students from smaller towns surrounding B-Town (as some call it) flock to the city because of the mall and restaurants. 

Bloomington is a basketball town.  The fact that the team performs poorly (Bloomington High School South has more basketball talent than the university, with two recent 4A state titles) does not stop Hoosier Hysteria.  Football at IU is disappointing but the soccer program is good.  IUB has just about every sport, including rowing and bowling.  There is bound to be a sport for everyone.  The Little 500, a bicycle race and drinking opportunity, is also popular among students.

The weather in Bloomington is drastic, with sweltering, humid summers (non-locals will find the 100% humidity to be horrid, but locals are used to it) and cold, windy, snow-filled winters.  Fall in Bloomington is beautiful and the spring is very fair but sometimes full of rain. 

TALK to students and alumni before making a final decision.  OF COURSE people from the university will tell you everything you want to hear because they want your MONEY.  IU is a good school for the right person.  Make sure you are 100% sure about your decision before choosing any school.