Overrated depending on your standards

Introduction
Do not trust many of the rankings of UMich. The academic reputation is exaggerated due to the high quality of Ross and engineering. LSA is average at best. Hence, if you're a student interested in the general arts and sciences, this university should not be your first choice if offered alternate options. Many of the students here are the 'work on weekdays, party on weekends' type so don't expect many brilliant and ultra-passionate students of the Harvard/Stanford/Yale/etc league. You won't find many 'wannabe next presidents' or 'wanna cure AIDS scientists'. Rather, many are very average people who just want to graduate from college and get a good job. TheU's video description of the general populace at Michigan is very accurate.

Campus Life and Social Life
The social scene at Mich is quite divisive. Simply put, we are a party school. You will find no weekends where there are no parties. Many students will start partying from Thursday until Sunday except on the weeks nearing finals. If you're not the type of person who wants this type of environment, Mich might not be your school. If you're seeking the general college experience of decent academics+parties, than Mich is your ideal match (except for maybe UPenn). For the passionate students who want to live among peers that work through weekends in order to pursue their ambitious life goals, consider other universities because the large population of Michigan will quickly hinder you.

Athletics is top-notch at the university. All you really need to know is that we're pretty much the Harvard of sports.

Clubs are decent here at Michigan. Many are very random and, although inclusive of great intentions, fail to carry out much of their goals. However, this ultimately allows you many opportunities to lead and shape organizations. Student government is also very awkward, with student politics revolving around issues of minuscule importance. However, the diversity of the clubs are generally nice. Academics
The university is renowned for its business, engineering, and architecture programs. As I've already stated, the general arts & sciences here (called LSA) is sub par. Ross (the name of the business school) is absolutely in a league of its own. They are finishing new constructions on the business school, which will include newer and better facilities. Students at Ross are very competitive and may overwhelm those who are not willing to spend a great deal of time studying.

Most of the classes will be taught by TA's (called GSI's here at Mich). For the most part, I had no negative experiences with them. Michigan will be able to teach you the material for a good career. However, don't expect any presidential advisers, Nobel laureates, and academic superstars to be teaching you. If you're looking for the elites in academics to teach you, try another school (if you can get in).

Overall, LSA is low on workload. A few hours of studying per night will get you 4.0's, even in the sciences. This does not apply to Ross and engineering at all.

Student Body
Look at TheU's video examination of Michigan on YouTube. It's very very accurate regarding the student body. Simply put, very average students who do the work that they're told to do. Many will graduate with a good careers.

However, if you're the innovative thinking type, this may not be the right university for you. Many of the students here will not, by any means, assist you in promoting your ambitious goals. Therefore, if you think you're the net Bill Gates, don't come to Michigan: networking and resources at this university is not applicable to your goals.

In Closing...
Michigan's a little overrated in terms of academics. The university offers service to the average students who are looking for a well-rounded college experience. aka. Lots of parties+academics. If you were the more introverted and 'nerdy' type in high school (and refuse to change your characteristics in college), this university will not exactly be your match. (If you were accepted to private institutions of the ivy league caliber, think twice before selecting Mich over those schools (except for Cornell)).