I'm a freshman living in Ehringhaus and I love it. Next year I'm graduating to North Campus, as most people do sophomore year, but I definitely wouldn't trade my experience on South for anything.
South Campus pros and cons:
+ tons of first-year students who also don't know many people yet creates a warm atmosphere
+ suite-style living is really nice--you only share a bathroom with between 3-7 other people and you can get really close with your suitemates (all 8 of us are REALLY tight)
+ getting to and from Franklin is easy at night with several P2P stops all along Manning and Ridge Road
+ extremely close proximity to the Dean Dome!

+ the brand-new SASB South building is a fantastic place to study!
- longish walk to classes/libraries (about 10 minutes, depending on your pace), but there are buses to take if you're too lazy (or ambitious enough to research the schedule, on the other hand)
- old buildings and furnishings (aside from the super nice newly renovated Morrison & the directional dorms like Ehaus South, Horton, Craige North, etc.)..although I think they have character
- risk of not getting AC (I lucked out in Ehringhaus with air conditioning, but I think it might be because the roomie played the allergy card..)
On a side note, I don't really recommend applying for housing in Granville unless you're planning to pledge a sorority or fraternity. It has a nice location, but there definitely is a certain "type" of population, and your Granville meal plan will prevent you from ever eating with your on-campus friends in the dining halls, which kind of sucks socially. Also, the pool is constantly covered by the shadows of the building except during the earlier morning haha.