Branching out geographically (east coast, europe, etc)--this would be a con in terms of Provo's efforts to diversify. Not a big deal, but something to consider.

Cost of living... if it's a very desirable place (california), and the goal isn't for *this* school to be able to accommodate everyone, you could still draw off enough students from wealthy families (or ones who don't mind some debt) to make Provo less competitive. A lot could live with parents.