My team, being a college team, goes to a lot of collegiate comps. That's one of the things I enjoy about collegiate ballroom: you have a team. Everyone is cheering for everyone else and you're a part of a close-knit community.
One of the issues I have with collegiate comps is that some dancers aren't as "into" the competitions as others by which I mean, they don't appear to be making an effort. Hair/make-up is sloppy as is costuming and this is a performance art, looking good is a factor. I frequently have to push teammates at competition to even put on make-up, much less the amount of makeup that serious competition requires and it is irking since I am much more intense in those regards.
Costuming is also frequently an issue. The costume regulations change from competition to competition in collegiate ballroom (or at least it feels that way). This is less of an issue at higher levels but some comps change regulations from year to year...While movement is the main focus, presentation is important too and the ever-changing costume regulations make that difficult.
Another issue with the collegiate circuit is the time-out at lower levels, as a few of you have mentioned. There are a number of people on my team who will be forced up to a silver level and they're struggling at a bronze level still. They need more time. On the other hand, I moved up a year early because my coach and I agreed that I was more than ready for it. That said, it is less intimidating for newcomers to know that they will move up to bronze even without placing.
TBA has also been problematic in the past. I danced TBA for one collegiate comp last semester and it was poorly organized. There were not enough TBA leaders so several silver followers and I did not dance at that competition despite having paid the fee (all dressed up and nowhere to go etc).