As with any college experince, a student who is considering studying overseas needs to make certain that they are applying to a school that meets their needs. For a US student looking overseas, they should first realize that a UK university is very different than a US university, in applying, in curriculum, housing and in the social life around college.
Oxford and Cambridge are very competitive schools and if a student has the desire to attend, the benefits that a US student might gain, in addition to an excellent education, are the opportunity for international internships, gaining a more global perspective within the curriculum, and gaining a large dose of independence.