Although studies have shown Peer Instruction (PI) in computing courses to be beneficial for learning and retention, study of the student experience has been limited to attitudinal survey results. This study provides a preliminary evaluation of student experiences in a PI course -- specifically asking them to reflect on their role as a student in a PI lecture compared to a standard university lecture. Student responses to this question are first analyzed using Chi's Interactive-Constructive-Active-Passive framework which categorizes student activities by their value in a constructivist learning framework. This analysis finds that the majority of students reported activity in a PI lecture as "interactive" in contrast with "active" (e.g. taking notes) in a standard lecture. Additionally, a grounded theory open-coding analysis provides an initial examination of student perceptions of the PI lecture experience. Although students positively value learning-related aspects (feedback and increased understanding) a surprising breadth of value was noted around issues of affect and increased sense of community. In particular, these experiences invite discussion about PI and issues of STEM retention in post-secondary education.