OK, I am a 2 year lurker who finally made an account just to post on this thread.
I majored in math and was in marching band for two fall semesters at Texas Tech. Now I work part time as an elementary choir director.
In my experience, college band is awesome and a great way to make friends. It is not competitive, but if that's your thing, there's always DCI, and college band is a great way to meet DCI folks! Don't know if it is still the same, but in the 80s and 90s Tech marched 4 complete shows a year, covering military, (symmetrical) corps, and big 12 show styles. Practice for an hour at noon 5 days a week and most Saturday mornings. Travel 2-3 games a year.
Some pros about marching band:
Counts as a PE credit
All travel, meals, uniform, marching instruments are free to you
Many schools (Texas State) provide scholarships
Meet people a week or two before classes start
Watch recent video of bands from schools you are considering and see if you like their style.
While they don't compete against each other, most Texas college bands are large enough that they have tryouts or spot challenges, so I wouldn't worry too much about the skill level of your fellow band members. The shows will be easier, but the purpose is to entertain, and you won't spend very long on any one show.
Good luck!