First, as to the humorous genesis of the moniker, that's actually Mrs. A. When she was a coed at sweet briar (basically, a women's college on a former plantation in Amherst), they would drive over the mountain to "Big Lex" to go to the W&L (at the time, all male) fraternity parties. (Alternatively, they sometimes went to other schools within the "bermuda triangle" demarcated by UVA, W&L, and Hampden Syndney. Usually at least one girl would die in a drunk driving accident every four years or so.)
What makes it interesting is first of all is that you have W&L and VMI literally right next to each other in town - imagine greek revival right next to castle prison walls. So two well-endowed universities with really quality kids, each with very very distinct histories associated with the old south, both of which have transformed themselves pretty dramatically but both of which have very strong rogue alumni bases rooted in the lost cause. In a given week, you can go to a debate between Ramaswamy and Bolton on foreign policy, or an art lecture by someone babbling about how their beadwork is an exercise in "data sovereignty" over native american genetic illnesses (no, really). Many alums, old and new, come back here to live because it's spectacularly beautiful and people are nice. When you step out of town into the county and the Shenandoah Valley, well, let's just say you don't meet a lot of families with the last name "Sheridan". So most importantly, what makes it interesting is that it's this unique blend (and contrast) of old and new in every way. Once upon a time, W&L had something called the "speaking tradition", which essentially held that it was extraordinarily rude if you passed someone on campus and didn't greet them - it's not what it once was, but that still pervades the town a bit, despite all of the acrimony in the outside world. Yet not as quirky as, say, Asheville.
Beyond the history and the influences of the universities, the town has somehow maintained its small southern town charm. Main street has ZERO chain stores. I met my first truly southern gothic person here. I've met at least a half dozen people who were born in Stonewall Jackson's house (which later served as a local hospital). Information is via word of mouth, which requires that you actually talk to people (case in point, when i went to get tix for the local bluegrass venue's lineup of shows, I stood in a half block line not having any idea what artists were even playing, I just knew that tix went on sale that day at a restaurant that is only open for special events). We have two local newspapers with almost entirely local news - one very middle of the road, one 'independent.' Local contractors are honest, trustworthy, friendly, and capable. We have a venue that brings in top-notch Americana music acts all summer, a national class equestrian center, and a local native who is a world-class photographic artist (Sally Mann) which has spawned its own little creative culture/commercial section.
