I bought this smaller version. I generally like it. I plan to get the large one eventually too to make a super-sized school with a proper cafeteria, playground, front office, gym.
Several of the wall pieces are actually made from the standard double window pieces but in white instead of clear. I ended up really liking those walls since they provide variety and a good place to put furniture. With these wall sections not all walls have to be either built-in shelves or windows. Sometimes you just want a blank wall. The shorter ones on the second floor actually look like a built-in white board when you apply the stickers above and below the middle sections. I really like that since all the modern schools in my district (I'm a teacher) use white boards, not chalk boards. I want to make little technology carts for the teachers too, like in our schools, that have laptops, document cameras, and projectors. Not sure what to use for those.
The small school is good too because while it is missing some of the accessories of the larger one, you do get all the new school related accessories. I'd say buy it, especially if you catch it on one of Toys R Us's good sales this time of year.