Being a UofT student myself and hearing all of the negative cred that Uoft gets from a few loudmouthed people bothers me a bit.
UofT is (regardless of all the banter) a great university - consistently ranked within the top 15-20 universities in the world in terms of academics - with a huge student population that allows for many things that you can't find at other universities - i.e. a HUGE number of intramural sports and players (about 32 soccer teams per year and they have to limit it due too overwhelming demand)
However this "large-ness" can cause a few problems. The most obvious being a lack of school spirit (although faculty spirit remains high - just look at the engineers!) and most importantly a lack of good parties and social events within the university. Also the ridiculously difficult curriculum doesn't help either.
I could go on and on and on and maybe I'll add more to this post but in general UofT is a great university with an amazing ambience/architecture of old and new which really allows you to enjoy the campus that you study at (check out Knox college if you get a chance and lie down in the gardens). Sure it has its negative points but if you look on the bright side, I'm much happier being at UofT than many other universities in Ontario!
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Top 10 make out spots (or just must see spots) on UofT Campus: http://www.blogut.ca/2008/06/26/makeout-spots-on-campus/