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Rice University is an elite, highly selective university that retains many of the perks of a smaller, liberal arts college. In particular, there are small classes, easily accessible faculty, brilliant professors, and lots of research opportunities for undergraduate students.
What distinguishes Rice from many other similar institutions is the laid back, non-pretentious, non-competitve feel. Students are incredibly collegial and laid back, creating a great environment for learning. The campus is much more friendly and down-to-earth than other schools, perhaps in part because of the smaller price tag and therefore less pretentious set of students. In addition, Rice has a very diverse student body and is consistently ranked a great school for minority students.
Rice has a unique dorm set up called the college system; students live in their same dorm all four years with students of all classes and majors. Students eat in the colleges, have student government through the colleges, host events, play intermural sports against other colleges, and so on. It's a great environment that produces the sense of collegiality.