I think it's an awesome town

(although I never went to college at KU, my son was on a cycling team based a few blocks away, so I spent lots of time in town). It is the kind of place you can walk around safely late at night. I did hear some parties as well off campus in my travels
If you do not have a car, then you'll be limited to what is in town. For example, if you enjoy a large shopping mall, you'd need to travel to Reading or Allentown by car. Other than that, there are plenty of small businesses along the main street that you could reach easily by walking or bicycling. I saw many Old Order Mennonites bicycling around too.