Apologies to OP.
.As can be seen, it all depends on a persons viewpoint. But on the whole, people I work with do look back on it very favourably.
I ought to add some useful advice for those applying from state schools.
The best thing for your DC is to google study days, I know that University College offers them for mixed state and private.
Oriel do lots of outreach too.
Lady Margaret Hall run a foundation year for people from very disadvantaged backgrounds.
There are UNIQ summer schools which seem to have tightened up on what the consider disadvantaged, postcode etc.
Pathways is a great scheme.
As a matter of fact, having read in the Economist last night, Univ is going to increase 10% in places, set aside for those from disadvantaged backgrounds. It'll be interesting to see their criteria.
If you DC is interested in study days, send me a message and I'll try and get some links for you.