I’m starting my eighth year at UK, so I guess I’m a bit of an authority. 
Good things about UK:
–The Honors Program. The people are great, the professors are great, and it gets you out of a lot of the required wastes of time so that you can take wastes of time more to your liking. It also provides a bit of community that the campus lacks otherwise (see below).
–Lexington. I’ve often said that Lex is a good size, because it’s small enough that you see someone you know just about anywhere you go, but big enough that you don’t know everyone. Cost of living is fairly low. There is a lot to do here, and it’s close enough to Louisville and Cincinnati that you can go up there if there isn’t.
–Basketball. You like basketball, right?
Some cons:
–Lack of a real campus-wide community. I’ve often said that this is because the campus is so spread out, and the Student Center is actually at one end of it, only convenient if you live on North Campus. There are very few campus-wide events, and the ones we have are geared more toward the Greek crowd. Our new President, Lee Todd, seems to have recognized this problem, and I suspect it will improve over the next few years.
–You have to be 21 to get into the bars, so you’re shut out from a lot of good music and such until then.
–Rather stringent opposite-sex visitation in the dorms. This actually balances out–it’s a bad thing when you want to get down with your woman, but a good thing when your roomate wants to get down with his.
Overall, I’d go to UK again in a heartbeat, and I think it’s an exciting time to be starting there. I’ll offer more advice when it comes to me.
Dr. J
PS: You want to live in the Honors dorm, Boyd-Patterson (if that’s still it). It has more of a closely-knit community than any other dorm I’ve seen (read: fewer people in their rooms watching TV) and it never gets rowdy. (You can always go find a party somewhere, but you should be able to come home to peace and quiet.)