Taking careful aim with the FATE rules, adapting them slightly from Dresden Files (for now), and borrowing heavily from various fictional styles of magic (taken from Patrick Rothfuss, DnD, Harry Potter and Pratchett), I think I've got some ideas down.
The school of magic should be a bit of a sprawl, like in Rothfuss' Kingkiller Chronicle. It's basically a small town, what with the various inns, taverns and stores sprawled around it. Hogsmead in Harry Potter combined with Diagon Alley would also give a good idea of what I'm aiming at.
The school should have an odd name for itself, giving the students an education in 'Magick and Wisardry'.
Different parts of the school should stand out, but also be unique. The part called Towers would have high towers, the Undercroft is under the school, the Quint is what happens to a Quad when you give it five sides.
For kicks, there should be a mind-boggling bureaucracy to the place. The Chancellor is the head of the school, and the Deans are in charge of various faculties. But the Provosts are in charge of the various colleges. I'm debating adding Houses to the mix too.
The teachers are referred to as Masters, and live in Chambers. The students live in various places, from the various college holdings to a communal bunkhouse for first years to any of the various inns and taverns about the place.
One of the good parts of university is all the societies you can join. There has to be an Explorers Society, dedicated to finding all the hidden spots of the place ("Have you seen the Chancellor's Secret Garden? It's hidden on the Roof of Chambers. Good apples, but it's a devil to get to. I had to climb all the way up from Downbelow, somewhere near Scrapes. And I nearly got caught twice by those chancers from Bradley college.")
The Explorers Society should also be invite only, and hard to get into.
The various kinds of magic on show include Naming, Sympathy, Inscription/Enchanting (Sygaldry?) and Potion-making. But it's a school of 'Wisardy', so maybe classes in Theology and Comparative Philosophy and History too.
I'm going to keep working away at it for now, and see where it'll get me.