Hi Junior,
I did my CPL, IR and ME at Keilir 2010-2011 (finished in November 2011).
Pro's:
New and well equipped aircraft, Diamond DA40 og DA42NG used for CPL and IR flights, all G1000 equipped. They only have one DA42 so when its grounded you are grounded, but the have a in-house mecanic (not outsourced) so he pretty much sleeps in the hangar and does a great job keeping the birds in the air. The DA42 is FKI certified.
Instuctors: Most of them are employed as pilots at the airlines, so very experienced. My instructors were very professional and keen to keep things going.
Facilities: Very nice facilities for preflight/postflight
Attractive price:the DA40 is 160EUR per hour (excluding instructor) and DA42 around 330-340EUR. You think you can get some discount if you buy a package deal.
No landing /approach fees
Con's:
You don't get an airport pass until after couple of weeks, so the instructors have to pickup you up at the security gate "sponsor" you in via a temp. ID pass and drive you to hangar/school. It can be a hassle but you get used to it
No problem if you get a long term airport ID
Overall, I would recomend it. I can't give you any inside to life "on campus" since I live in Iceland. The school is located on a fomer US Navy base, so lots of cheap housing BUT it is a pretty quiet campus, to put it mildly
But I know a few europeans that took the free bus to Reykjavik to party (alot) The good thing is that if you live on campus, you spend all your money and time (and energy) on flying, no distraction.
The airspace is nice, the rushhour is from 0700-0900, 1500-1730 and again at midnight, with several 757 and 737 sized aircraft arriving/departing, other than that it is quiet so plenty of time to practice. The ATC is friendly, giving you lots of space and patience.
Contact my if you want further info
Edit: They have a Facebook page with pretty decent pictures of their aircraft and flying in Iceland
http://www.facebook.com/keiliraviationacademy