President Ben
London is not great for night life; you can't meet people regularly because they live 20 mins bus rides away; you have to take expensive taxi rides home after 1230 at night because all the tubes stop working; you spend a fortune on rent so have less drinking / socialising money; you're not in as close contact with people from your uni or college because it's such a big place; it takes at least 10 mins to walk anywhere - in Cambridge you won't walk more than that in a whole day, etc. One friend could easily live in Battersea, another in Finchley, another in South Ken, another in Stratford and another in Paddington, which makes meeting up at short notice a nightmare for everyone. At Cambridge we can all see each other at 2 mins' notice.
Now I know you obviously don't go to Cambridge because of your biased post, but I on the other hand live in London during hols and Cambridge during term so can appreciate the two.
Also, from my experiences, Cambridge is far more renowned. It's the name factor I'm afraid. And in terms of prestige it basically rinses all the other universities in the world for undergrad teaching. Until you can only apply to either Oxford or Cambridge or LSE it just isn't in the same league.