My brother goes there and I happen to live in Cornwall anyways so I go there quite often, the uni is very good from what i've seen, the on campus accomodation (where my bro is) is brilliant and very modern, alot better than the halls i've been in. The actual uni is pretty well respected, I believe it's a part of Exeter Uni so can't be that bad. The town itself is about 2/3 miles away from the uni, I suppose you could walk it. It isn't a party town if you are expecting loads of nightclubs and bars etc, I think there is like 2 clubs but even then, I personally wouldn't call it a 'club'. Falmouth is a lovely town with some rich heritage and the surrounding area is perfect if you like the countryside and some great beaches.
So in short, Falmouth is perfect if you want a degree from a respected uni in a place that takes life a little quieter than our city friends up north.