It isn't very useful as a navigational tool, since it looks the same from every side, and it isn't very amusing, since the band will never actually raise the money to put a giant condom on it. However, if you get so drunk that you forget where you go to school, looking at the Tower will definitely remind you that it’s Stanford. Which can be good or bad, depending on your mood.

As for going up inside the tower? If you're a student, you should definitely do it once, if only for the experience of being told you're not allowed to get in the elevator unaccompanied. Why? Who knows? It's the Hoover Institution.

The views are great, and the very friendly guides will happily point out what Bay Area landmarks you'd be able to spot if it wasn't foggy. Really, though, it's beautiful, large, famous, and gives you perspective on your life. Just like Anna Nicole Smith!

Open: standard business hours, year-round.
Cost: free with student ID!
If you're a visitor and not a student, there is a fee in the neighborhood of $5... I don't think it is worth paying any kind of money to stand in a tower, although if taking pseudo-aerial photos is your bag, you will love it more than you love Christmas.