I am biased. But here:
Assembly Hall is uniquely awesome, like Fenway and Wrigley, and has an unusual way of seating 17,000+.
The main level seats are the vast majority and go up 46 rows. They are steep, very, very close to the court, and completely awesome -- unless you are above row 37, in which case you have a low cement balcony hanging over and near your head, which sucks a lot.
The balconies are the 16 rows above the main level sideline seats, and aren't as bad as described IMO. They are about 20% of the arena. The first five or so rows are a really good view, though if you're back to rows 10 to 16 you're watching ants down below.
Behind the baskets are about 20 rows of bleachers. About half of those are student/band seats. They are incredibly close to the court and fantastic seats, but not a comfy chair.
For any B1G game that's a hot ticket it will be packed, even on a weeknight, and Stubhub tickets for the worst seat in the house will be $150+. For a weeknight B1G the balcony will be maybe half full, for a cupcake in November it will be basically empty. For this Rutgers game the balcony should be at least half full.
The configuration makes the sound and fan interaction truly special. IU also holds the most seats for students of any team in D1, which definitely helps to amp up the crowd, especially during student-drinking-friendly tip times. There also 'old stadium' features - no plastic, new-age feel to be found, even with the renovations.
Bloomington isn't really on the way to anywhere else, but Assembly Hall is truly a bucket list place for a college hoops junkie.