To be honest, studying in Taiwan is not for everyone. One of the most important aspects about Taiwan that foreigners must understand is that the percentage of the population that can understand English is much lower compared to other areas in Asia such as Hong Kong, Singapore and Japan. In fact, pretty much the only locals you will meet who can speak a capable amount of English are other NTU students and professors. This issue becomes irrelevant if you have taken or decide to take language courses, although even proficiency in Mandarin may not be sufficient to communicate with people of the older generation, especially those outside of Taipei, as they tend to instead use Taiwanese.
That being said, studying in Taiwan was by far the greatest experience of my undergraduate career. The people of Taiwan are among the friendliest and most polite you are ever bound to meet. Food is a fraction of what it costs in America, and worlds more delicious and diverse. Culture there is a blend of native Taiwanese, Chinese, Japanese and a hint of Western that you are unlikely to find anywhere else in the world. Anyone who has heard of Taipei's many nightclubs knows that the nightlife speaks for itself. Although Taipei has done its fair share of modernizing in recent years, there is still a sense of the traditional lifestyle, especially preserved in several "old streets" scattered around the city and throughout the island as a whole. Suffice it to say, all these factors combine to make Taiwan one of the most unique places on earth.
The few difficulties I encountered during my stay were all related to the weather. Having lived my entire life in the San Francisco Bay Area, I was unprepared for the brutal heat and humidity that is apparently commonplace in Taiwan during Fall Semester and likely towards the end of Spring Semester. With the heat comes a scourge of mosquitos, which will make a feast out of you if you don't take care in avoiding them. Compared to all the positives Taiwan has to offer, though, these are just minor troubles.
In summary, I strongly recommend this Study Abroad program to everyone. A truly life-changing look at one of the newest of Asia's great powers in its prime.