W&M bills itself as the 2nd oldest college in the US (behind Harvard) but there are docs that show that it was initially planned well before Harvard. The Wren Building is the oldest academic building in the US, originally constructed in the 1690's though it has been rebuilt several times due to fire. The School did close from 1861-1888 due to the Civil War and post-war recovery challenges.
W&M is essentially the ninth and only public Ivy League school. They aren't supposed to be good at sports...they're supposed to be good at smarts...and they do a pretty good job with that.
W&M is one of 15 schools considered a "Public Ivy" (along with UVA, Michigan, Maryland, UCLA, and others). The term was coined in the 1980's to define public schools that offer an educational experience on-par with the Ivy's.