Well, I'm also an Alumni, a recent one (I graduated last August) - off the top of my head here are some Pros and cons: I'll give you the cons first.
Cons:
Holidays - You don't get the same holiday's as everyone else, which can be kind of a bummer at first. Labor day for example. But you do get Fall Break to make up for it.
Finances: Like any college, it costs money. PBU is at about 26,000 a year for full-time freshman I think. Luckily they have a scholarship/grant program that can dwindle that down to a much lower figure depending on your highschool GPA and test scores. (you can get up to about 9,000 that way.)
Mandatory Chapel attendance: They still have a chapel service every Monday, Wednesday, and Friday that you have to attend. They do try to do different things to reach everyone in the audience, and they get some cool speakers sometimes, but over-all not my favorite part of the college experience.
Heavy work load: Most people at PBU take anywhere from 15 to 18 credits a semester, so you keep busy with classes and homework.
Not a lot of on-campus jobs: Unless you fit requirements and such exactly the only place to really work "on-campus" is the cafeteria. There are some nice places to work that aren't too far off-campus though.
Pros:
Small student body = good student to professor ratio with some amazing professors.
Non-denominational stance - although some of the professors are a little more old-school most will encourage you to wrestle with philosophical, theological, and personal concepts and come to a sound and supported conclusion rather than just have you repeat their conclusion. In other words, at PBU education means being able to thinking and reason on your own, not just repeat what you've heard. I can't express how useful this has been in witnessing and in other aspects of Christian life it really makes a difference when your beliefs are your own, and not just what you've been told.
Really active student body - there's a ton of events on campus for students to participate in. Optional of course, but a lot of fun.
To go along with the really awesome professors, really awesome classes and projects with professors that can give a lot of lee-way for creative projects. I once ended up doing a video project where I rigged the school's anatomical skeleton model up as a giant marionette so that I could interview Sir Issac Newton.
This one doesn't really seem that important to you until you're about to graduate, but trust me - it's vital. At PBU each student has a ministry and that is an awesome source of experience and potential areas of growth. Any ministry you can think of doing, you'll have the opportunity to do. This also provides really good experience for resume and personal benefit if you want to go into the ministry full-time.
Location. Like the other guy mentioned. A really good location. Sub-urban, in a nice little area where you can take nature walks (PBU has a trail in a patch of woods on campus) or hop on a train to the city.
If you want to get a good feel for what the students think regarding the school, I'd suggest a visit. You can schedule one at the PBU website. http://www.pbu.edu/visit
While there I suggest that you ask this question to a series of random students that you meet on campus so that you can get a well-rounded answer from a student's perspective.
I hope that helped.
- James