Ole Miss undergrad, absolutely hated the place, but mostly for personal reasons. I'll try to be objective, though.
+ mostly warm, no winter, lots of nature trails/hikes around;
+ bars and everything; those who are into blues and country seem to like it;
+ except for housing and nightlife, it's rather cheap;
+ pretty decent (for a small town) in-city bus system, bike lanes, etc.;
+ baseball, football and tailgating, again, if you're into it;
- again, the location: hellish summer, humidity (although not as bad as in LA or FL). .5 hour to the closest interstate, 1 hour to the mall, 1.5 to the airport, cant get in/out without a car;
- besides drinking and outdoors, there's not much to do;
- the rent is too damn high (by Southern standards);
- large portion of the undergrad population might be quite annoying ("my parents will take care of it" kind of mentality).