Self obsessed students - ha!
The least of Ofcoms worries would be narcissistic students discussing bar prices ad nauseum and failing to serve the local community - at least someone would actually be interested. The more likely scenario is that audience share peaks about 6 hours 10 minutes after launch and steadily plummets until even the students have had enough and the whole thing's put out of its misery.
When the dust has settled yet more corporate "Friends of David" will have lined their pockets with a slice of BBC cash that could have been used to make something audiences might watch. A Panorama + Newsnight joint special on profligate ConDem waste of public money to prop up political vanity projects, while screwing cash out of services people actually need.