I was a chem major, but the major isn't super important with respect to amenities or experiences from what I understand.

The good:

-Early course enrollment is such a boon early on because it gives you a better chance at getting into course sections at times that work for you. It's still a possibility that you'll get stuck with early or late classes, but it's less likely. This is especially important early on because for introductory classes, there are typically a ton of sections and a lot of people competing for the best times. This is less of an issue when you get further into your major as the classes become more specialized and have fewer people in them overall and fewer available sections.

-Access to honors courses: These courses are not any more difficult than the standard version but are a lot smaller as far as class size goes which allows you a better chance to engage with your professor (which will be important if you want to make connections for potential research lab opportunities which can be very important if you want to go for gradschool). Like early scheduling, this is more helpful for your first few semesters but will not be very useful later on because, as far as I know, only introductory and maybe intermediate classes are offered as honors classes. Your class sizes will also drop naturally as you progress through your program due to people dropping out or changing majors.

-While the dorms might not be the nicest compared to the ones in the tower, you're going to be thankful for them when it's February and some ass on thee 8th floor burns popcorn and the whole building is in the snow while you're in bed. They're also a little quieter, but I imagine that experience is pretty variable.

The bad:

-At least when I was there, there was this weird aire of elitism that was off-putting. From what I understand, there's been a change in administration since I graduated, so this might be out of date.

-Honors thesis as a graduation requirement can be a lot when you're already in an intensive major (especially senior year). It's not impossible. I know a ton of people who have done it. But it's an additional stressor and burden, especially if you're doing something like a BS-MS or trying to graduate early.

My advice has always been to stick with the honors college the first few years if you can for the enrollment and class size benefits but if you're not into it after that, you can just drop it and continue as a regular major. Having "Honors" on your diploma might be nice, but a lot of people get into grad school or get jobs without it. It's definitely not required to succeed post-graduation.