If she can go Ivy, she should. It opens a lot of doors in life and the Princeton student body is pretty middle of the road politically.
That being said, W&L is a great school with a beautiful campus. Though I liked the school immensely, I turned them down for both undergrad and law school.
Where did you wind up?
Oh, and W&L has the highest per capita consumption of beer among undergrads in the country. It's got quite a reputation as a party school.
Just spent Thanksgiving in Ithaca, and it seems to me that Cornell is even more Red than when I was there, so be careful on which Ivy! Of course the countryside around Ithaca is poor and loaded with Bush signs, but the city itself is rich, granola, and leftist (more anti-Bush than pro-Kerry).
W&L is beautiful, but I can confirm that it's known as a party school. My brother got his degree at VMI (before it was watered down) and I heard the stories. :-) Still, it has a good student body and a good reputation, and it just illustrates that nearly ANY (secular?) school requires vigilance these days.