I am a second year Economic History student (EC100, GV100, GY103, EH101, LN250, EH220, EH240, EH245) but I will give my tuppence worth. I am going to be very honest now.
As an institution LSE does indeed have a very solid reputation, and if you wan't to go into investment banking or elsewhere in the financial services sector, it is a good choice. However, there is so many of these people it is quite sickening. I personally am not one for this and the pressure from both the university and off peers to get internships and securing your 35k starting wage straight after uni is just ridiculous. This is especially prevalent in the Asian student body who it seems have been sent over with this as a primary goal.
Nevertheless, I love the uni very very much. I would describe myself as a typical English, drinking, smoking, drug doing student who, whilst 'foregoing' a traditional social experience, has achieved a good balance between education and pleasure. To be honest, I am the kind of person who will try to do the least possible work and still get by, and I feel that if some of the people at LSE with sticks up their arses could see how little work I do they would feel ill. Last year I got about 75% attendance to classes (yes I skipped a good few to go drinking) and maybe 60% of all lectures. Essays were done in about 3 hours from start to finish, and with help from Sparknotes etc, yet I got solid 2:1's. I was in High Holborn and only 1 other person in my flat was from England, never mind the North. Anyway, you could really see the discipline of their private education coming through around exam time, as one of my good friends from Hong Kong went from being quite sociable to 6 weeks prior to exams revising about 12 hours a day (at least). It was ridiculous but I also put in the work of about 6-7 hours a day for 3 weeks and came out with 64 average which I am satisfied with. It seems that unless you are naturally gifted, which a lot of people are, and put in A LOT of work, getting a first is unlikely and in my opinion undesirable.
LSE is situated in the heart of London. I was at High Holborn and loved the location and proximity to the university. Though living was expensive and going out a constant desire. I would say I went out 5-6 times a week getting really quite drunk. To say LSE has a **** social scene would be to say London does. It is only what you make of it, and if you limit yourself to crush every Friday then you may indeed think it is wack. However, if you branch out and explore London and actually experience one of the coolest cities in the world, it is hard to not have a good time. The tuns are a great place to hand out and Wrights bar is ace.
I will add more info later or if anyone has questions just ask. All in all, LSE is great but I do indeed agree that the music scene could be soooooooo much better, but with such a diverse and cliquey student base it is hard to cater for everyone. Sports as well are a downfall but I suppose you undertake a trade off (see economics!) when going to a university in a city centre. Land is money!