I'm at SOAS right now in my third year. I can't say much about cultural anthropology (if that's what you're applying for). As far as the School goes, as the previous poster mentioned, you really do grow intellectually and as a person if you take things seriously. I think I've far outstripped my friends at other top unis in terms of being able to articulate critically for just about any issue. A large part of that is probably a product of the School, but also because of the people in it. Plenty of intelligent/fun people, but plenty of retarded/overly politically correct/boring people, but I suppose that's everywhere. The School itself is physically crap. They're refurbishing the whole place, but that's going to be done in 2016 for some centennial grand re-opening of some sort. There is one post-grad hall (Paul Robeson House), which seems to be okay. But there are PLENTY of places, (albeit rather pricey) around central London.
BTW the whole excessive pot-head on campus phase is pretty much over, but hey its still uni so you can't do too much about it...