Waco? Depends on your personality. I would definitely go visit before you make a decision. Here's my thoughts: I like the nightlife, I like to boogie so COLLEGE STATION BABY! Gig 'em
ok, since no one here has a bias towards their alma mater, i might as well jump in. hook 'em horns! =) yeah!!!!!! ok, to answer your question: Baylor's a wonderful college. so, no qualms about academics there. now, the question becomes - how's the social life? i have friends on both sides of the spectrum that say it totally drags or it's really cool. so again, you should definitely visit the campus to see for yourself.
If you go there, yoooou'll be soooooorrry. Go Horns', Go Roadrunners [UTSA], Go Huskies [HBU, sory sister school of Baylor]. Plus, the county is dry.
6th street is fun but I didn't say A&M was the only place for a nightlife. Anyways as someone stated above, it's what you make of it. If you visit Baylor and it's your thang then more power to ya