The school is great, and I think students have a good experience here. However, I have noticed that the general feeling of school spirit is lacking. Fewer students wear school gear, and many wear gear from other universities (many more than at BYU when I was there). I think it definitely has an impact on donations back to the university.
That said, the culture and experience at BYU would always put it near the top of the list for me if my kids get in. Harvard and Stanford are probably the only two schools that I might encourage my kids to go to for undergrad over BYU, regardless of whether BYU maintains a football program. There are a lot of good universities out there where you can have a great experience as a member of the church, but BYU provides something unique, especially for kids who grow up outside of Utah.