Louisville really is a great college sports town. The fans at UofL are simply some of the best in the country. I have traveled to many out-of-town games for both UofL and other college teams, and no fans are as courteous, knowledgeable and truly appreciative of the game of basketball as UofL Cardinal fans.
You should definitely check out a game while Freedom Hall is still around. Yeah, the seats are uncomfortable and it's an older arena, but it's a great tradition, and you should see it before a new arena is built!