In Oxford, we townies (as non-students are allegedly called) derive great amusement when asked by tourists (of which there are many):
"Could you please direct me to the university"
What most people think of as "the university" is mostly in the centre of town and consists only of the separate semi-autonomous colleges (New College, Brasenose College, Christchurch (never called "Christchurch College", probably because it is also a cathedral!), and so on). There is no single campus.
There is also Oxford Brookes University (formerly "Oxford Polytechnic"), which is in Headington (~2 miles outside the town centre). This is a well-thought-of place, but is not generally thought of as being in the same league as the actual uni.
The university is (with Cambridge) considered by many to be the best in the country. Being a graduate of Liverpool University myself, I have to say that it depends what you are studying. There is no medical school as such in the university (as far as I know), and I think most medics at Oxford do their two preclinical years here and then move to another university's med school for the three subsequent years (to London, for instance, where I think that a few med schools have an arrangement with Oxford (could be wrong about this -- check their website
http://www.ox.ac.uk/
Oxford is an OK place to live (but almost as expensive as London), but is not all dreaming spires and there are some places you really don't want to go.
Many museums (the Ashmolean and the Pitt-Rivers are especially good for knives, swords, etc.) and much cultural stuff. Lots of pubs, some of which are rather good. Some of the folks are friendly (me, for instance!), some less so.
Silverstone is, I think, between here and London (sorry -- don't really follow car racing) and there are a couple of major race teams based in Oxfordshire.
I've been to Cambridge, but only to speak at a political meeting, so I haven't seen much of it. It seems like a nice place and has a similar reputation academically (though both places would totally disagree with that
.
Cambridge is often referred to as "the other place" by Oxford academics and there is much rivalry, as you might expect. Both places have many traditions, of which they are very proud . . .
I could go on, but I have to edit a book about computers just now (moan!).
If there's anything I can help you with, drop me a line.
Good luck!
geoff