All right I'm a frosh at Lehigh (w/sophomore standing of course). I'm living in the Stevens Dorm in Lower Cents in a double.
Basically all dorms are equal down here in Lower Cents except for the direction you face... The largest advantage that I have found is that we are really close to Rathbone (a dinning hall that has huge windows and decent food), close to the gym and the arts center (for raquetball and piano), and on the level with all the academic buildings in the University. This last one is very important because it minimizes a lot of the verticle walking I have to do every day. The big disadvantage of Lower Cents is that it's very far away from The Hill, which means you have to walk a while to party. It's also far from the large commercial zones in Bethlehem, but so are all the freshmen dorms so you'll need to adjust if you like to shop a lot.
Dravo/Richards/Drinker are the largest and highest of the freshmen dorms. They each house a hell of a lot of people and are really big. I'm pretty sure Dravo at least lacks carpets (a bad thing) but the rooms I've seen have walk in closets (a good thing). I haven't been in Richards or Drinker extensively.
M&M and Taylor College are the next, and I think last, of the dorms. M&M is known as the "Party Dorm" here on campus. If I remember correctly people were throwing furniture out of their windows and pooping in ice machines and other sh;t like that. I'm pretty sure all of the people I know who have left the University are from M&M (1 guy for poor grades, 2 girls for the Magic Dragon). Taylor is a polar opposite of this. It has a very nice setup with Air Conditioning and a grand piano, but don't be fooled. When you tell people that's were you live you'll immediately get stereotyped as a nerd/geek/loser even if you're the coolest cat on campus. If you want to lead an excellent social-life I would avoid that dorm...
That just about sums up my feelings on housing around here. I'm undeclared in the College of Arts and Sciences and I have a predilection for film production (a field Lehigh does not offer) and history. I entered the college as an engineer and can provide you a fairly good review of the business school if that's where you're at, and you want one.
Pretty much if you want to be with a small group of people go to Lower Cents (44 people per dorm (coed)) and if you want to live in a warehou... I mean with a lot of people go to Dravo/Richards/Drinker (100s of people per dorm).
One more thing: we're capped at 1 gig of transfers every six hours which is annoying. Just thought I'd give you the heads up. And I think Mith is speaking a lot of truth for the record. On a personal level I don't feel that crime is a big problem but if I was a weak girl I wouldn't want to walk around the South Side at 2am. However I would say that the campus itself is very safe and I have never heard of any problems coming up. When you get off campus, which is a pretty decent hike, then the world becomes more sketchy.