It's not such a bad place - depends on what you want to study. I'm in my final year of Law there - hasn't been terrible, good lecturers, reasonable support, libraries etc. Nightlife's ok, sports scene good.
The place isn't actually in the centre of Hull, but in a 'leafy' suburb, hence no immeadeate industrial depression/whatever else you might've heard about Hull. Thwaite Hall's a nice place to live. The city centre's also being regenerated - £loads being poured into it etc.
At the end of the day its your average red-brick university, good reputation, reasonable surroundings, on the whole, a nice place.
PS - if you happen to be rich at all, do come & bring a a cheque for £25,000 made out to the boat club - we need a new boat.
Smudger x