I have a friend who went for grad school. She didn't have any complaints about student life aside from being impoverished and living in squalor, I believe. I think the course load was fairly heavy, though.
You're in the heart of Manhattan. Lifestyle ranges from glamorous to downright hipster grungy.
Minutes away from SoHo, West/East Village, Union Square, etc.
Not much of a localized quad but Washington Square Park is "NYU's" park and is nice to chill/smoke/lay out/read etc. But who cares when all of Manhattan is basically your stomping ground?
The workload obviously depends on your concentration. Some professors are nice but the majority take pride in being harsh because NYU likes to pretend it's part of the "new" Ivy Leauge.
Bobst used to be a cesspool of anonymous BJs in the bathrooms but I think they finally started cracking down on it. 9th Floor is where are the science geeks congregate.