I don't think you'll find that Ursinus students are unhappy there because they didn't get into a higher-choice school. I'd bet that many of them had other options, and didn't "settle" for Ursinus.
My D is a freshman and is very happy. Last year she was accepted to all of the schools she applied to, so had her choice of Lafayette (paying full freight), Franklin & Marshall (full freight), University of Delaware (full freight), and Ursinus (generous merit aid).
The merit aid at Ursinus made the cost significantly less than Lafayette and F&M, and equal to U of Del. D narrowed her choices on cost, then chose Ursinus in part because she could continue her sport. She has no regrets.
Pumpkin65: I bet that if your D's GPA/test scores are at the high end of the 50% range, there'll be merit aid. Make sure she goes to "scholarship day" (in March) if she's invited.