One of the best things about Reed is that it presents so many opportunities. It's very expensive, and if I could change it, I'd change the tuition. But if you take advantage of all the things Reed has to offer, it's worth it. Gray Fund sponsors trips around downtown Portland, outdoor camping/activities of all sorts, and cultural trips. There are sponsored talks and subsidized concert tickets available. There's always something going on around campus and usually, it's free or next to nothing to get in.
In all, I think the size of Reed is just right. Before I found Reed, I though I wanted to go to a large school. Now, I'm exceptionally glad I didn't. Reed is big enough not to feel like you're trapped, but small enough to create a tight community. With everyone bound by the Honor Principle, there's a sense of trust and good vibes around campus. I've talked to friends who went to UC Berkeley and UCLA, and they've had trouble making new friends around campus because the place is just too big. That wouldn't happen at Reed. From the very beginning, it's easy to meet new people and Reed can feel very comfortable.
Incidentally, don't go to Reed if you're bothered by people asking "Where is that?" whenever you tell them where you're attending college. Reed has an extremely good reputation for the quality of students it puts out, so even if the general public doesn't know, the academic world does. I'm sure more conventional college guide books could tell you all about Reed's distinctions.
I spend a lot of time in my dorm, actually. Most freshmans have divided doubles, which are basically two rooms connected to each other. The outer room connects to the hallway, and the inner room connects to the outer room, but there's a full wall and door in between. The rooms are pretty spacious and rather comfortable. When I really need to work, I'm in the library which I fondly think of as a well-lit catacomb. It is extremely conducive to productivity.
Portland isn't really what I'd think of as a college town, though there are a good number of colleges and universities in the area. Nonetheless, Portland is an awesome city. It has a great (and relatively easy to learn) public transit system , and there's a lot to do downtown. Also, many things are in walking distance of Reed (e.g., Safeway, Hollywood Video, restaurants, bars, cafes, etc.). Though, to be honest, my idea of 'walking distance' has changed somewhat since I moved from California to Portland.
I don't know much about the administration, really. There are controversies happening now about the Drug and Alcohol policies, but I doubt there are many 'wars' between the students and administration. I think part of the problem now is that many long-time administrators left Reed and a lot of institutional memory disappeared with them. So it is a bit of a rough time, but I don't expect drastic changes.
There are mixed feelings about Reed with Reedies. Some people love the place, some people feel miserable. Really, just like any other school. However, because we don't really have sports teams, I'd suppose we're not particularly prideful in the traditional way. Reed has required PEs of all different sorts meant to encourage life-long fitness, but we don't have a football team or anything like that. Our basketball, rugby, and ultimate frisbee teams do compete, though. Just not on such an organized level.
A word about CSOs: Community Safety Officers are your friends. As far as I can tell, this is an anomaly among campuses. They're just what their name implies, safety officers. They care more about the health and security of the students than about busting them for policy violations. That said, it's very rare for students to die from drug or alcohol use because their friends were too afraid to get help. CSOs are extremely friendly and capable.
Also, no discussion about Reed would be complete without talking about the Honor Principle. Instead of having a long series of penal codes and regulations, we have the Honor Principle. Basically, it asks that students be considerate. Reedies are to consider their actions and not do anything which may bother or harm another. The campus is pretty free of litter. People rarely cheat on tests, even when professors allow us to take them home and do them on our own. Reedies will follow the time limit, not use notes, etc. Reedies will trust other Reedies to drive long distances with each other to get home for break, even if they don't really know each other. It's part of the community here. There's so much more to it. Things around campus are mostly in danger of getting stolen not by other Reedies, but by people who just walk on.
Reedies often complain that Reed isn't quite what they thought it would be. They thought that Reedies would be happier and smile more. That they'd be more insightful and less petty and apathetic. I think this is a recent development, really. I've been feeling somewhat the same way. Really, I bet it's just like any other campus. We were just wishing that Reed would be different.