For me it was whatever was cheaper. I never spent a lot of time in my room/apartment/house while I was in college. I was either at class, working, at the rec center, or at my girlfriend's (now wife). I rarely studied in my place of residence because there was always too much noise.
I had the most fun in:
1) dorm - met a majority of my friends here (of course everyone kept their doors open back then)
2) house - last semester in college, lived with friends, hosted a bunch of parties
3) apartment - too far away from things and missed a lot of "word of mouth" events