Vandy's Memorial Gymnasium is a great place to watch a basketball game. (I mean, it's no Cameron, but it's 1,000x better than Charlotte or Greensboro coliseums...)
The court is indeed raised -- when I was standing in the student section, iirc, the floor came up to about armpit level on me. The benches are under the baskets, because if they were on the sidelines, the crowd's sight lines would be through the legs of the benchwarmers.
The students are right up to the court on one side, so they can make it VERY loud, and can have an impact on opposing teams.
Here's a pic:
http://vucommodores.cstv.com/facilit...orial-gym.html
And a seating chart:
http://grfx.cstv.com/schools/vand/NC...ng-2008-09.jpg