Pros:
The host campus is very nice, with lots of space and interesting geography (mature trees, big elevation changes, water). Of the 9 holes, about a third are good, a third could be good, and a third are just kind of weird, like they were laid out by someone who hadn't played a lot of disc golf.
Cons:
It's clear that the university is not interested in this course anymore. The tee areas, originally gravel (I think), have all but disappeared. There are no tee signs, except on the first hole. The baskets are getting rusty. They even put a tow line for inner-tubers right in front of a tee and didn't bother to move it.
Some holes were badly designed to begin with. #1 goes toward a building and then at 275' cuts sharp left through a narrow gap. #2's fairway goes out about 175' feet and then turns right through a wall of trees. #4 doesn't really have a fairway, and is right next to a road. #9 is almost impossible to play without throwing over another road -- one you can't see from the tee, so you have no idea if a car's coming or not.
Other Thoughts:
It's unfortunate that they've given up on it, because as others have said, it could be pretty good course. As it is, I would not recommend going out of your way to play it. Since there are no permanent tees, they could re-position the problematic ones, trim a few trees, and have a decent layout without too much trouble. Disc golf is a growing sport and more college students are getting into it, so it may be worth the trouble.