not the best. not the worst. i think the biggest problem is that there isn't a very good amount of interaction between gown and town. not enough students go out to gigs, which is a shame. there are some great venues out there; the jericho tavern and the wheatsheaf have bands on most nights, obviously there's the carling academy that has some horrible big gigs but some nice little ones too, and there's also the port mahon and the cellar who have bands on too.
in terms of clubnights, could be worse, could be better. as regards student nights, the indie music society puts on a clubnight two or three tuesdays a term at the cellar, three bands then djs, which is usually quite fun. there is narcissists on alternate wednesdays at babylove which is ok. leans a little towards electo kinda stuff but not bad i suppose. theres an OUSU night at po na na on thursdays too. i used to quite like it but i think its got even worse. i mean, its always been pretty much just pop-punk and commercial rock hits, but i think its got even worse. i just resent being in a room full of people who think that the killers/the arctic monkeys/green day represent some kind of alternative. c'est la vie. and they never play my requests, not even los campesinos. i mean, they're really poppy and everything! lame.
in terms of non student nights, there are some at the carling academy, though i'm not sure what they're like since it stopped being the zodiac, and there are quite a few at the cellar.
overall, its not bad. there are a lot of really good bands in oxford and some really great promoters, but students don't really tend to get involved with the local scene, which is a massive shame. so yeah. good scene, if you want to get involved. but fun can also be had within the university sort of 'confines'. whatever really i guess. but its worth going to plenty of local gigs. some awesome local bands, and some well put together line-ups.