I only played TS2 University. What I like about University is the studying and the majors, which help define who my Sims are, what they like to do, what they want to be in the future. I also like to have them all at the same place, spending time together and new couples forming. The grants added an extra goal when they were teen too. And I like the extra want slots you could get (I wouldn't really care about that in TS4 if they don't overhaul the whims)
I didn't really care about the fraternity/sorority, partying and secret societies though.
