Living on campus is so convenient! I currently live in University Hall, and since it was only built a few years ago it is beautiful and cleaned/maintained everyday by the hardworking staff. Overall living on campus makes getting to class so much easier, and makes college more fluid and time-effective. Of course, it's more expensive to live on campus versus off campus, but I feel that the convenience, as well as feeling closer to your college community, makes it worth it.
Socially, it is what you make of it. Some people look for parties, and to find those you usually have to go off campus. But it's easy to have a good time in your dorm or apartment too!
The housing process is fair and simple, though some stress over getting the place they want. If you're on top of what you need to do, though, your top choice usually works out.