The best things about the U of C is the academics -- it is hands down the best in the country. Other good things are that the class sizes are small, which gives you the opportunity to actually talk and interact in your classes, which doesn't happen at a lot of big schools. And, they are pretty cool about letting you do your own thing: the dorms are quite relaxed environments about drinking and parties, they have all night libraries so you can set your own study schedule, and basically the whole school is very open to your use.
Unfortunately, in many ways the bad things outweigh the good, or at least far outnumber them. The academics are amazing, but at what cost? Your happiness, personality, physical and mental health, and confidence. It is the most academically rigorous, intense, and merciless school in the country. If you get sick, you are screwed. Teachers are unlikely to give you an extension, and if they do it will only be a day or two. And, there is no one in the administration who will take your side -- your professors have complete totalitarian control about how much suffering they put you through and how much they hurt your GPA. Not all of the teachers want their students to suffer, but quite a few of them do and there is no safety net for you if you happen to get one of these teachers. Also, the other students, while many of them are awesome, are mostly horrid. Too many are cut-throat, self-centered, pretentious, mean, and malicious. This school will work you harder than you ever thought possible and harder than anyone should honestly be pushed.
And, while Hyde Park can be nice, it is actually very dangerous. I was assaulted for no reason last year; a guy simply came up to me on the street, yelled at me, and then punched me in the face. And, my car was broken into last year, and my roommate was mugged. These are not isolated incidences. Over 20 young males have been randomly attacked in Hyde Park because gangs of teenagers simply beat them up, and there is a lot of muggings and armed robberies. Just this year a graduate student was shot a block away from campus by a mugger. To make matters worse, the U of C doesn't really care. They will tell you that you are safe -- don't believe them. You can't walk around Hyde Park after dark and even the campus isn't safe at late hours. This is one of the worst things about the U of C.
The city of Chicago is great, but you most likely won't get to go downtown much because you will be so overworked.
Overall, this school offers an amazing academic education, but it is too stressful and needlessly rigorous, and you will not get the well-rounded college experience of extracurriculars, good people, sports, and fun that you would get at most colleges. And, it is a dangerous area, and the school both lies about this aspect of the school and does not do enough to ensure your safety.