<p>I’m speaking for Cambridge (as a relative of mine is an alumnus) but the answers are similar for Oxford too:</p>
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The best known would probably be King’s because the chapel is a huge tourist trap. However, one college isn’t really any more ‘prestigious’ than others. Within Cambridge there are always friendly rivalries between colleges but to the outside world one is a Cambridge (or Oxford) graduate. </p>
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Lectures and labs are the same regardless of what college your a member of. Individual supervisions take place within the colleges for undergraduates, although they’re all essentially of the same standard regardless of what college you’re at. There is an internal ranking of colleges by tripos (end of year exams) results that is often the source of much amusement between colleges. Some colleges have a better reputation for students in one subject over another, but the standard of academics at Cambridge is so high that even the ‘lower ranking’ colleges on the internal table of exam results are still probably ahead of anything here in the US. </p>
<p>For graduate students, the college has absolutely no bearing on academics and is essentially just a place to live and hang out. All graduate level teaching and training takes place solely within the University’s academic departments. </p>
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That’s mostly a matter of personal opinion. Some colleges are good at one sport while another college is good at a different sport. As for social life, most students tend to socialize with students from other colleges so people tend to move around a bit and attend whatever events seem exciting on a given evening. </p>
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Again, purely a matter of personal opinion. Traditionally, the colleges with river frontage on the Cam (Magdalene, St Johns, Trinity, Trinity Hall, Clare, Kings, Queens and Darwin) are considered a plus (in the way waterfront property is usually a desired location) but equally many of the colleges that are not near the river are also very beautiful.</p>