Pros
The atmosphere is professional but not uptight. The school is competitive in a wide range of fields. Cost of living in Blacksburg is very low, to the point where most grad students can go out at least once a week. The town is glorious when the undergrads have left for summer vacation, as there's no lines, no waits at restaurants, and life is just easy. If you're interested in (or interested in trying) hiking, biking, kayaking, or running, you're going to love it here!
Cons
The interdisciplinary programs can have a tough time keeping the curriculum up to date, simply due to the politics of trying to get professors to teach courses that won't help them with regards to their own departments. Blacksburg is far away from a "real" city; if you live off shopping trips and great Thai food, this is not the right town for you. You'll still find a ton of culture for such a tiny town, but probably not enough to satisfy you.