Hi, there are a few incorrect things posted.
First, the first two years are pass/fail, but all clerkships are graded A/B/C etc... The 3rd/4th year electives are pass/fail.
The faculty are generally down to earth and approachable. There are also snobs too. That being said, I was just visited Harvard Med School and they are approachable there too, so this is variable... you'll find nice people and jerks wherever you go. This goes for the students too. The classes are ~160 people, so you'll find all sorts of dynamics.
The school is not all about partying. Granted, there is a party after big exams run by class representatives, and plenty to keep you occupied in NY when you have the time. The money from the student activities fee is entirely controlled by student council, so there are a lot of clubs and associated activities. But there is a lot of work to do too. With things being pass/fail, there is less pressure, but tests are graded and most people want to try and do well!
The housing is also variable. But the neighborhood is pretty good. You have access to a great private hospital (Tisch), a great city hospital (bellevue) and a VA hospital, so you really get spoiled with a diversity of clinical experiences in close proximity. There are also rotations available at North Shore in Long Island, Lennox Hill Hospital on the upper east side and Hospital for Joint Diseases.
THe "Masters Scholars" thing is a big program for broadening medical education. The only part that is semi-required are small-group discussions (~6 ppl) with two faculty member mentors each month during MS1/MS2. Most people like it. On top of that, there are regular lectures and seminars on things like medicine &law, ethics, etc...
Research opportunities are also good (and getting better!) if thats something you are interested in. Our residency match list is also pretty good. As I interview, I am finding lots of programs like NYU Med graduates!
All in all, I have been very happy with my education at NYU.
I hope this answers a lot of the questions.
Jon, NYU Med Class of '04