I think, however, that 'the people' is a reasonably good answer to both questions, although it's something of a cop-out.
What do I like most about Cambridge? The people. The people who feed me when Hall is closed, who look after me when I get edgy or upset, who give me the impetus to actually go out and do things.
What is worst about Cambridge? The people. The vacant, swarming masses that I don't know and never will; the crowds of drunkards that intimidate me on my way home; the people with no homes that I have no idea how to even begin to help.
I think most everything else falls somewhere between good and bad, or is equally present everywhere.