I ran at a school with no track team and did the whole "unofficial, distance-only" track squad. Going to a school with an unofficially recognized track team has its pluses and minuses. For example, you don't get to travel a lot in the spring and enjoy the large team atmosphere during meets. On the plus side you don't usually have to sit through 40 heats of the 60 meter dash, you can just show up an hour or two before your race and take off when your race is done.
For me I enjoyed getting to try different training strategies with little or no risk. After my freshman year I loaded up my spring with miles (which I didn't know if I could handle or not). It gave me a lot of confidence going into my sophomore cross season knowing how to better train and more importantly, how my body would react to higher mileage.