I know this is old but I am attending Indiana for my undergraduate studies.
As someone said, the career services office is the weak link. I find that really weird as the career services office at the business school is second to none.
I wouldn't worry about the budget cuts at all. The Lilly Foundation (which does many incredible things in the state of Indiana) just donated $25 million to the law school. In order to receive the donation Lilly made sure the university would match it. So they now have a $50 million to do whatever they want. I know a professor very well and one thing they are really trying to do is add some incredible new professors to the school. They are willing to spend the money to attract and retain top talent (professor wise).
I'd say the descriptions of the campus, living, students, etc are accurate. One thing to note is that beginning with this semester the university banned smoking on campus. Many still smoke, but there has been a notable difference. I am not sure I'm going to Indiana for law school, but I must say I have thoroughly enjoyed my years in Bloomington.