I worked at Andong English Village for three years: 2011, 2012, and 2015. I liked working there and only moved on when I nabbed a university job. (2013, 2014 I worked in China and then Japan)
meldrew is mostly correct. There are themed classes, and the students only stay for a week so you don't get to really know them.
You don't eat with the students. You can if you want, but none of the teachers do. Andong English Village is part of Andong National University, so nearby there is a student cafeteria, restaurants and convenience stores. But most teachers bring their own food from home and eat at their desks.
Andong University is a bit out of town (about 20 minutes). Accommodation is in a purpose built apartment block in Andong proper. There is a free Andong University bus that goes from near the apartment block to the university every day. You have to get a town bus back in the evening (1200 won), but they are pretty frequent. Although it can seem like the wait is forever on freezing winters nights.
There are about 20 apartments in the apartment block. Most are one-rooms, but there are two-rooms for couples. Residents are all foreign teachers from Andong English Village and Andong University, so your neighbors are your co-workers. The apartment block is about 20 years old. The accommodation is fine. Rooms on the ground floor gets cold so you'll spend more for heating in winter than on the other floors, but not outrageously so. You're not allowed pets, but there is no code of conduct.
Better than a hagwan? Depends on what you like. You will teach the same classes six times a week, every week of the year. That can get a bit boring, but it means you don't have to do any preparation. You can change your classes if you like, management will check to make sure it is up to standard, but they are pretty easy going.
Andong itself is a sleepy little town, which, again, can get a little boring. Most foreigners head to Seoul or Deagu every weekend. From memory, Seoul is 4 hours away, Deagu is an hour and a half away.
Benefits: The pay is good, so if you can resist leaving town every weekend you can save a lot of money. So your choice is bored but rich, or entertained but poor.
Another benefit: Andong English Village is officially part of Andong National University, which is useful if later you want to work at a university. A lot of universities in Korea require that you have two years work experience at a university. Working at Andong English Village, even though you will be teaching elementary students, actually counts as working at a university. Yes. Yes, that is insane. Welcome to Korea.