The rankings posted are based mostly on the faculty, so "quality of education", as well as who it produces, student performance. Actually you'd get lower marks going to a higher ranked school in many cases, and UBC doesn't really have anything else to go on but high standards in most departments. Facilities are okay, the science faculty is probably the best in the country, so the labs are fine. Though again I believe most of that strength is in the faculty at the higher year level courses. But I'm not in sciences.
So yeah, basically, you nailed it, aside from the quality of the classes themselves and the profs (some of which, surprisingly, make school enjoyable to go to), UBC is pretty lame "to go to" for the most part. There are a few exceptions. Luckily, Vancouver is pretty fucking awesome, so the good times can be had off campus.