Princeton students are fascinating...no one seems to be totally one-sided. From foreign languages, to sports, to musical instruments, to the ability to dance salsa or program a computer, it seems like everyone you meet here has some sort of hidden passion or talent beyond simply what they are studying in their classes. In some ways, one of the downfalls of a place like Princeton is that there is often so much academic pressure, and such a competitive atmosphere, that it feels like there's never enough time to keep up with all of your interests or take advantage of all of the incredible opportunities Princeton has to offer.
The school feels large at first during freshman year, but quickly seems to shrink sophomore year as you get into a "niche." It soon seems like you see the same small community of people everywhere, centered around the types of classes you take or the types of places you hang out or party. When this atmosphere feels too stifling its easy to forget that there are thousands more students on campus, but when you realize this its easy to reach out and meet completely new groups of people. The size is nice in this way, but it's still a relatively small school, which makes it much easier to have an identity, especially in classes and departments, than at larger schools. Another huge plus about the size is that the grad school at Princeton is tiny compared to the undergrad program, which means that the focus is truly on the undergrad students and the amazing professors here actually interact with you as early as freshman year (this isn't true at all the Ivy Leagues even and really makes Princeton stand out).
The town of Princeton is smaller than a lot of college towns. As far as the part in walking distance from campus, there's not much. Some awesome ice cream stores (Bent Spoon and Thomas Sweet's are student favorites), some pricey restaurants (great for dates or when parents visit but not as much for day to day eating), and a few clothing stores (J.Crew, Ralph Lauren, and the like). That said, it is a gorgeous town, peaceful (always feels safe), and there are still fun places to discover. Since its so small, you always see other students, even off campus. To find the usual main stream chain stores, you have to take a car (you can have one in the student lot starting sophomore year) or a bus (runs every few hours from campus) to Route 1, about a 10 minute drive. There, you can find almost anything, and Target and such are good for dorm supplies (way cheaper than what you'll find in Princeton proper). Students spend the vast majority of their time on campus, however. Frist Campus Center is a popular hang out, with study space, a cafe, dining area, mail room, classrooms, and more.
Students are very opinionated about the administration and have many criticisms, especially about certain recurring issues. Starting just a few years ago, the administration installed a policy of "grade deflation" which limits the number of A's that professors can give to their students. For obvious reasons, this is hugely controversial, and I don't think I've ever met a student who thinks it is reasonable. Students begrudge this policy and how getting A's at Harvard is "a breeze" in comparison, with no similar policy. This fall, the administration also revised the school's alcohol policy, making it much stricter than previously. Now RCAs (upperclassmen who live in freshman and sophomore dorms in mainly advisory roles) are required to break up parties in their dormitories, which many fear will drastically change the previously friendly relationship between students their advisers. Discussions about the future this policy are currently taking place.
Students seem to love Princeton, and are very proud of their school and its traditions, but that said, school spirit surrounding sporting events is not particularly high. One awesome thing about the school in general is its tradition. The school is very proud of its many illustrious alumni over the years, and a sense of history is definitely present. Along with the seriousness, this is accompanied by some seriously fun traditions. For example, if Princeton beats both Harvard and Yale in its football season there is a massive bonfire in the middle of Cannon Green on campus. This happened for the first time in almost 13 years when I was a freshman and the celebration and excitement around the final Yale game and the victorious bonfire were unforgettable.
The most common complaint students have is stress. Everyone always has a million things going at once, from academics, to applications for summer internships, to extracurriculars, and the stress levels seem to be at a constant high. That said, students still find time to have fun. There's a definite "work hard, play hard" mentality on campus.