i live at college and i love it!
Pros:
-awesome social life
-lots of other people in your course (both your year and older) who can help you out
-close to uni (15 mins walk, 2 min drive)
-don't have to cook/clean
-no boredom
cons:
-the food can sometimes be bad but generally it's pretty good
-living right next door to the tv/drinking room
-can get distracting but then that's your own fault if you let yourself get that way
for me college has been an awesome way to get into uni life, i've made awesome friends who i feel like i've known forever and the rooms at my college aren't tiny and the communal bathrooms really aren't that bad..