I am not at either university but live in Exeter and have visited Bristol a lot... if nightlife is what you're looking for Bristol definitely has that over Exeter, it is a far larger city and so naturally there are more bars, even though Exeter has a big nightlife for the size of the city, that is mostly down to students, and it's easy to have a really good night out there with a variety of clubs and bars, although not as much choice as Bristol. Exeter is a really good size though, it has everything you would want or need in close proximity to each other, and a lot of the city is beautiful. If you're into music, Bristol is better because the big bands seem to go as south as Bristol and then stop there. Also Bristol is more quirky, it's the home of Bansky and so there's a lot of incredible graffiti. Plus it's closer to everywhere else in the country. I've heard really good things from both Exeter and Bristol uni students, haven't heard complaints about either of them. Exeter is higher on the league tables, especially in business/management (where it is 6th in the country compared to Bristol at 12th) so would be better academically. Both have very good reputations though!