I've known several people who have gone to Bob Jones. Generally though, this school (along with Pensacola Christian College) is spoken of with either derision or awed horror even in the most fundamentalist circles. I had a teacher at one point who attended this school. She was generally liked, seen as competent and fun though rather strict and `prim' (she went to the point of not attending school banquets (the school, controlled to an extent by conservative Baptists, bans dancing)) due to the attire of the girls who attended.
Bob Jones university is not accredited; they don't want to be held accountable to secular standards. Further, they lost tax-exempt status a while ago due to their discriminatory policies. Note: Bob Jones has just lifted the ban on interracial dating, quite abruptly. This was revealed in a Larry King Live program when Bob Jones III was asked about the interracial dating policy, and he replied "We don't have to have that rule. In fact, as of today, we've dropped the rule."
Note, this isn't likely to change much at Bob Jones. For one thing, he says that their official opinions haven't changed a bit. Further, "dating" is a relative term at Bob Jones; you can't go to movies, you must be attended by a chaperone, and dates are limited to 90 minutes, and you certainly can't dance or listen to any contemporary or popular music, to name a few restrictions.