There is no way Colorado is worth the Out of State premium over ASU. The engineering program at ASU is highly ranked and the overall school has been moving up in the rankings. Neither school is very selective when it comes to admissions. However, I can reassure you that being an Aerospace engineering major will not be a cake walk, Lots of kids get “weed” out after their first year forcing them to change majors due to the highly challenging courses.
Also keep in mind that the term “party” is very broad. You will always be able to find a great party at schools such as Harvard and Michigan. It is all a matter of discipline and choices.