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If you are looking for a university that will give you an excellent education, prepare you for graduate school and hold you accountable for your work, WM is the place to be. Not only does it hold up well on the "Rankings," its academic reputation is actually backed up by the fact that it does not artificially inflate grades (unlike some other "Virginia" schools). It is the only school of its size to even come close to most powerful research universities' rankings (in which research funding comprises a substantional portion).
The community is small enough that you might recognize most who are your fellow students, yet large enough that you most certainly wont know their names. The history and beauty of the campus abounds. The price is affordable.
I never once had a dull weekend, as Williamsburg is home to one of the largest tourist destinations in America (and therefore all of the amenities). Granted, much of the town is Chain-based, but there are a substantial number of places that uppity, culture-snobs may find appealing. Furthermore, there is more and more to do in Williamsburg every day as the town expands out of the official Colonial Williamsburg layout.
Check it out.