Well, overall, of course it depends on you as an individual, the environment of the specific School, and your main teacher (and then it's back to you and how you respond to those things). There can be great things about it, and there can be drawbacks, too. I would definitely recommend visiting the school and spending a little time just sitting in/observing the environment and meet a few teachers (and especially the one you would be studying with) before you go.
Some things that I liked about it were the musical life all around, as there was always an energy of music in the air and concerts going on. When I first went to school, I was actually too shy to even talk to anybody and at first I would seek out places to be alone when I wasn't practicing, but some of the faculty there made distinct points to find me and come and talk to me (which was actually profoundly embarrassing for me at first). Eventually this helped me to integrate a bit more with everybody, and I made a number of really great friends. I think that I grew in some very specific ways while I was there, but that was just one part of my path, which I am starting to be able to see more clearly now, and that brings me to some of the possible drawbacks.
Some of the drawbacks can be in thinking that once you enroll and get your degree, that your work is done in some way. That is not true. No matter what, if you choose music as a profession, your work is always just starting in a way, and it's wise, I think, to treat your schooling as only a building block to a much longer line of work. It would be wise to take some business courses while you are there, for example, and this is not something that I have found to be incorporated into a regular music degree. I think it is good to treat your schooling in a way that it is actually meant to be, I think, but people can get a little lost along the way. It is meant to "prepare" or give you "practice" for the real world, but that doesn't mean you will just pop out of your school and burst onto the music scene. What it really means, I think, is to take every opportunity to grow and gain experience and try to draw parallels between what you are doing while in school, to what you might be doing while not in school. Really take the opportunity to get to know yourself and how you work. Figuring out how *you* audition and perform and practice well, for example, are useful "skills" to have. And, that may involve some failure. I think it's important to know that the failure is meant to happen in some way, and it must be learned from as much as from (if not more than) the successes. In some ways, school (and especially undergrad) is the right place for that, but people don't necessarily treat it like the right place for that. Instead, they try to be already perfect as though it is actually the real world already and by being perfect in school, it is the same as being perfect in real life. It's not. That is not to say that it's not useful to do the best you can, but it's very useful to take risks, too.
Well, hope that helps ! Off to practice for me !