Maclean's published an interesting article entitled "Too Asian" (Edit: It seems that Maclean's has taken down the article. Hopefully they will put it back up at some point. Check the comments for a kinda-sketchy repost of the full article.). Waterloo gets more than a few mentions, as well as UofT and UBC.
I think some of these pre-frosh are just being stupid. If you want to go to University just to drink and party, I promise you will find like-minded people at any university. It's not like nobody drinks and parties in Waterloo. Just look down King street on Saturday night, or the line up outside Mel's (RIP) at 2am. You will not have to go far if you are living in UWP and are looking for a party. I have several high school friends that lived there and tell me all about "Wasted Wednesday" and "Man-down Mondays".
I also think it's silly to go to university just to party. If you want to drink all day, there are certainly cheaper ways to do this. It's that mommy and daddy won't pay for you to live in a studio apartment and drink all day instead of working.
Here's my favorite quote:
"The division is perhaps most extreme at Waterloo, where students have dubbed the MC and DC buildings—the Mathematics & Computer Building and the William G. Davis Computer Research Centre, respectively—“mainland China” and “downtown China,” and where some students told Maclean’s they can go for days without speaking English."
That last bit sounds plausible, though I can't say that I've seen it personally. I actually heard these nicknames in 3A for the first time.