Okay, I feel like someone needs to respond to the extreme negativity of grep who doesnt seem to know anything about Princeton. I am not the biggest fan of Princeton because the town itself is boring with no decent restaraunts, but it is close to cities that are fantastic.
So - the housing plan is that they are tearing down a large apartment complex because it doesnt meet fire code. They are providing temporary housing for the people it affects in old faculty housing. After that they are tearing down the really old apartment complex. It is to improve housing options for grad students, but in the meantime there is slightly less available on campus housing. This should not affect incoming students because you are guranteed housing.
Housing on campus at Princeton is not expensive - you can see on the housing website that you can live here for as little as $450 per month. But incoming students have last priority in the housing draw (which grep has wrong - current first years have top priority) but are guranteed housing. That means that almost all of you will be in the grad college, and not the annexes or apartments unless you have families.
Some people complain about the social life, but it is what you make of it. Most first years hang out at the DBar all the time - it has really cheap drinks and is in the basement of the dorm. Many people leave town on weekends to go to NYC, DC, or Philly but there is plenty of stuff going on around campus. It is true that there aren't great bars in town, so people just hang out at apartments which is cheaper anyway. As far as undergrads go... well does anyone want to hang out with undergrads?
I have heard that dating is rough for guys for some reason. There are many more single guys than girls, but at this stage in life most people are in relationships and there are other young people in Princeton working so online dating is certainly an option.
Okay, I think that is everything, I think you all deserve a balanced perspective with the correct information!