I posted the following message on Yahoo!.com answers but I didn't get as many responses as I wanted so I'll post it here:
Should I go to University of Oslo or University of Iceland for exchange? They are similar in many ways, and I'm in geography so they're both perfect for my field of studies. I'm just having a hard time deciding between the two. Please don't just say one or the other but give supporting reasons why that one and not the other.
Im no authority on studying in either, but guess it comes down to what sort of experience you are after?! Are you going for the travelling experience, or the academic experience?
Both have their merits, out of Oslo you can travel to very varied nature all over the country. A larger area to discover.
From Reykjavik, you access to a lot more extreme nature. I would think that you woudl be hard pressed to skip around from Reykjavik due to its isolation, but there are budget airlines in Oslo.
Seen this Movie? 101 Reykjavik
I'd say Oslo, but I live here so am heavily biased I do think being 'connected' to Europe gives you a far broader range of experiences than you'd get in Iceland.... Did you know you can take a tram to go skiing in the winter and the same tram to go swimming in the summer down in the fjords in Oslo? Not many cities like that