There are big differences with respect to (1) athletics and (2) research. Now, you may not be an athlete, or even particularly interested in athletics. And as an undergraduate, you may not be overly concerned with a school’s research reputation. But you should still pay attention, because these factors tell you something about the “personality” of a given school.
Colgate takes athletics much more seriously than Rochester does. Colgate sponsors more varsity sports, offers athletic scholarships, and competes at the highest level (NCAA Division I). Rochester sponsors fewer sports, does not offer athletic scholarships, and competes at the lowest level (NCAA Division III).
Colgate (2900 undergrads) is a much smaller school than Rochester (6300 undergrads), yet Colgate sponsors more sports. So there are proportionately a lot more “jocks” at Colgate – according to the US Dept. of Education database, about 19% of Colgate undergrads are varsity athletes, which is a high value. And these are serious DI athletes, many of whom are getting athletic scholarships to help pay for school. The number for Rochester is only 9%, and they are DIII athletes, so they are just playing for fun.
Schools with a large presence of serious athletes tend to have strong Greek systems, a “work hard, play hard” attitude, and a reputation for partying. This includes Colgate, which is #10 on this list:
http://www.huffingtonpost.com/entry/uw-madison-top-party-school_us_57c09881e4b04193420f1b9c
Rochester, on the other hand, takes research much more seriously than Colgate does. Rochester issues more master’s and PhD degrees than bachelor’s degrees; Colgate has no grad students beyond a tiny master’s program in education. Rochester is a member of AAU (Association of American Universities), which is an exclusive “club” of the nation’s top research universities; faculty are expected to compete for major grants and do groundbreaking work. The standards for faculty research at Colgate are much lower; ideally they do something interesting that undergraduates can be involved in.
Both of these schools attract equally smart students and are great places to get an undergraduate education, but their “personalities” are different. At Colgate, their reputation for athletics is more important than their reputation for research; at Rochester, it’s the other way around. Colgate has better parties, Rochester has better laboratories. You have to figure out which is the better fit for you.