This website has some great base features that make it useable on a daily basis, great photo album system that lets you link the album to activities in a 'year book' style, so you could create a photo album just for swimming club.
The schedule status post is genius, you can make a repeat post for every time you've finished a lecture so all your friends know you're free to meet up and hang out.
The privacy settings are fantastic, you need this level of privacy when you're dealing with information such as your university and hometown etc. You can choose to only share all of your info with friends.
As you can store work details and course details it also has potential to be a great work social website to 'advertise' yourself and your services.
Would definitely recommend to university students that are fed up of Facebook.