It's a great hotel, close to Downtown Disney, which should appeal to college folks. The hotel was renovated last year, and the rooms are nearly new, with comfy beds, and really nice decor. The higher end rooms all have jacuzzi tubs and seperate showers. I've never stayed in the standard rooms, but they look fine, just a little smaller.
There's a nice pool area, bar, restaurant, and bus service to the parks. We really like it there, and it's a really good value for the price compared to the more "magical" resorts. I'd say this hotel was a little more "grown up" than the value, moderate, deluxe resorts. Kids are welcome, but not nearly as abundant as with the other resorts. Not much Disney "magic" going on, but you'll get plenty of that at the parks, so it shouldn't be a problem.