I'd say the best thing about Amherst is all the intelligence that's constantly pervading the place. This makes it a lively source of great intellectual conversation and, over a four year stretch, a terrific education outside of the classroom. The professors and the individual attention they can provide are first rate as well.
The one thing I'd change is the political tolerance level. For all of Amherst's talk about tolerance and diversity, it is a viciously intolerant place when it comes to how it treats its small conservative minority.
When people hear that I go to Amherst, they usually say, "oh, UMass?". But it's okay because employers you'd care about and graduate schools have heard of Amherst. :)
I spent most of my time at college in my suite because hanging out with my roommates was a lot of fun. The library took up a lot of time too, especially when I actually wanted to get work done.
Amherst College isn't very connected to the town of Amherst in any meaningful sort of way. However, Pleasant St has its charm and offers a lot of good and decent-priced dining.
Amherst's administration is very laissez-faire. For example, there are no distribution requirements. That allows for great experimentation possibilities and allows students to dabble in a very of fields. For that reason, I greatly appreciated the administration's hands off approach.
The biggest recent controversy on campus was when a gay student was threatened at a party. The president of the school made a big fuss about it and there were several rallies, etc. However, the homophobic incident was a very isolated incident, for Amherst is a VERY flaming liberal institution. Conservatives like myself were faced with constant threats, intimidation, ostracization, and slander. However, the president of the school would never, for example, send out an e-mail dissuading students from harassing a well-known conservative student late at night.
There is a lot of school pride during basketball season because the school has made the D3 final four three years ago (winning a title one year). School pride is also prevalent whenever the football team plays hated rival Williams College.
I'd say Amherst is unusual for how unfriendly and socially awkward can be at times. Perhaps I say this because I grew up in California and in the South. However, I'm used to saying hello to acquaintances. At Amherst, it's very socially normal to stare at the floor when walking by acquaintances so as to avoid eye contact.
One experience I'll always remember at Amherst is sledding down Memorial Hill with trays stolen from the dining hall. It's a very fun ride and a regular student indulgence anytime there's been enough snow.
The most frequent student complaints are that the dining hall food is terrible and that it closes at a very early 7:30 pm. The health services are also considered inadequated and faulted for closing at 5pm.
To summarize the Amherst big picture: dorm-life bonding for four years (especially through freshman year with one's freshman roommate and friends made in freshman orientation) yields spectacular and fulfilling relationships with many wonderful people. There are lot of very warm and, simultaneously, very brilliant people to befriend here. Moreover, the academics are first rate and professors will give you access you could never get at a big research university. The school is also a gold mine for one's future. There are lot of fellowships/money going around. There's a strong alumni network. And a motivated student body provides positive peer pressure and advice for getting solid internships, grad school slots, and jobs after school. Furthermore, the Pioneer Valley provides a vast array of beautiful rivers, trails, etc. to enjoy. On the other hand, Amherst has its problems too. The school can be very cliquey. There are often schisms between groups--particular between non-athletes and athletes. Many facilities on campus are open way too little of the week. And the small size of the school and its relative geographic isolation can create a stifling bubble effect. Finally, though the school has many intellectuals, it can sometimes feel too pre-professional.