I am just about 20 years older than the women in this book, and I went to Mount Holyoke, not Smith, but I recognized the women in this book.
The book is imperfect. It seems to make the case that the life-changing aspects of an education at a place like Smith are all in the personal relationships and extra-curricular activities, and that's just not true. Academics are mentioned only in connection with a plot point that has nothing to do with education. It's not my experience (nor my observation, of my Mount Holyoke and Smith alum friends) that you can isolate any part of the experience like that. It's an education as well as a community.
Once the women graduate, again, the focus is solely on their emotional lives, except for April, and again, this is solely because it's needed for a plot point to work. On the whole, the separation of emotional life from the any grounding context weakens the book. (Example: At one point, Bree takes a long leave of absence from her job -- that she supposedly loves -- as an associate at a West Coast law firm, a job that was hard to come by, even after graduating magna from Smith and at the top of her Stanford Law class. Her response? "Oh well, I'll probably be fired.")
Now for what works about the book. The descriptions of the early days settling into Smith rang very true. The women seem realistic to me, even with their weaknesses. The friendships are complex and complicated, and even difficult, but believable.
Finally, and most important, the book is about choices. Good choices, bad choices, brave choices, careless choices, scared choices, and even the choices we make when we pretend not to choose. It's about accepting the consequences of those choices. It's about revising our understanding of the past in light of what we learn as we live our lives. And it's about the power of friendship and love in the face of the chaos we create with all our choices.
The writing is fluent, the main characters are likable and seem realistic, given what we know of where each came from. The book took me viscerally back to my undergraduate experience and to those years just after graduation. There's enough to like here that on the whole, I'd call this is very good book.