Princeton students lovingly refer to the isolated campus phenomenon as being in the Orange Bubble. Mostly, they use this phrase when making excuses for why they have no idea what's going in the real world after extended periods at Princeton. More than anything, this demonstrates Princeton's ability to grab and completely hold your attention while attending. On top of the classes and large (and often interesting) workloads, Princeton offers innumerable opportunities for extracurricular activities, entertaining events, and general interaction with peers (and faculty).
To give you an idea of why I was never bored there, here's a sample of my extracurricular schedule: Chapel choir (Monday and Thursday evenings, Sunday mornings), Bible study (Tuesday evenings), Paideia (Wednesday evenings), Kindred Spirit a cappella (Thursday evenings), Music Outreach [a cappella at local nursing homes] (Saturday afternoons), Ultimate frisbee with friends (Friday or Saturday afternoon), general chilling with friends/on campus performances/plays/movies (Friday and Saturday evenings), Free Writing Hour (Sunday afternoons), ... And there were also more long-term events, like tutoring, writing and editing for student magazines, and organizing the Undergraduate Research Symposium. On breaks, I found myself drawn into the break-trips organized by the Student Volunteer Council. These were week-long volunteering opportunities in places like Alabama (in the wake of Katrina) and Washington D.C.
For those unsatisfied with the local fare, Princeton also offers a wide variety of study abroad programs.
Does Princeton have a large drinking culture? Yes. Definitely. If anything, it is underestimated. The main social scene revolves around going to the eating clubs every Thursday and Saturday night to drink, party, and perhaps dance. I don't drink, but that didn't stop me from having fun at college. The key is to find others who are interested in more varied activities, and believe me, they're out there. While I did go to the eating clubs occasionally, to dance and talk to friends, I often opted for other activities: anything from board games to late night capture the flag to watching a movie. (Small room parties were also a popular option.)
The statistics show that eating clubs do tend to divide campus, particularly along socioeconomic class lines, although the recent move to provide financial aid for eating club expenses may do something to mitigate the situation. On the other hand, the University instituted a four-year residential college system in the fall of 2007 which may provide a popular alternative to belonging to an eating club.
I belonged to an eating club in my junior year (Charter Club) and was "independent" in my senior year. Independent students neither belong to an eating club nor use the University meal plan. There are a number of great options for independent students: they can cook for themselves (they are given first choice of rooms with full kitchens during room draw), eat out every day :), or join a campus co-op, which consists of groups of (~20) students who take turns cooking for one another on a weekly to monthly rotation. The costs of eating and cooking drop tremendously in the co-op situation, since you can buy all of your food in bulk and only need to do the cooking occasionally. I had many friends in co-ops, and they loved it. I chose the cook for myself option in my senior year, and I found that this suited me well.
My main reason for not joining an eating club in my senior year was the expense. The bill for Charter club is rather hefty, and I was paying out of pocket. In addition, a number of my friends spontaneously decided to go independent. That's an interesting point to note: your choice of eating option may be largely determined by your group of friends.