I love going back to Champaign with my fellow Iowa grad friends, and they ALWAYS have a great time/remark how fun Champaign is ... but no. It's not true, and I would rank Iowa City above it. However, Champaign is up there, IMO. I have only "gone out" in the following college towns in my time, but I would rank them as follows (strictly on a "college bar scene" basis):
1. Iowa City, IA
2. Madison, WI
3. Champaign, IL
4. Nashville, TN
5. Lawrence, KS
6. Milwaukee, WI (the area by Marquette)
7. Lincoln, NE
8. Cedar Falls, IA
9. Indianapolis, IN (Broad Ripple, up by Butler)
I have seen the campus bar scene at Northwestern (Evanston, IL) and Colorado State (Fort Collins, CO), and I think Evanston would rank just below Cedar Falls and Fort Collins would fit in somewhere by Champaign.
Point is, with each year of Big Ten fans and new students visiting the redeveloped Champaign (I'd mark this as post-Hyatt coming in downtown, so 2014ish), the reputation of it as a college town is growing exponentially better ... can only help attendance.