Vantaggi
The best thing about Penn State is its location. State College is a great town and the surrounding area is beautiful. The university also attracts some terrific people, and many of the students are outstanding (note: it is a minority of students that gives the university its "party school" reputation.
Svantaggi
Bureaucracy, culture and arrogance. The university is over-run with bureaucracy, primarily (in my opinion) because of its obsession with federal grant money and its associated fear of doing anything to jeopardize the flow of funds from the feds. The university has also allowed a very toxic culture to develop over the years that pits faculty against staff. Staff feel marginalized and unappreciated, and with good reason. For some reason, many faculty feel justified in treating staff like useless garbage. Not surprising that many staff act accordingly. Finally, there is a real arrogance at Penn State. Its probably related to the culture and, in my opinion, driven by BOTH the emphasis on football and the self-interested faculty (which is a problem at many universities), but it trickles down to the student body.