I wouldn't say that 2nd tier in the next decade is out of the question. Chapman is very well respected around Orange County, and is actively trying to build up their stats (happen to know the admissions office staff pretty well). Also, they DO have huge amounts of money to bring in big name faculty - no offense Oklahoma Mike, but it seems to me that you're just talking about 4th tier schools in general, without having researched Chapman specifically.
I don't want to post the actual e-mail, but Dean Eastman from Chapman recently sent around an e-mail about speaking at the Council of Chief Judges in New Orleans, and talked about some of the positive feedback he got from some of the judges there. He also routinely sends e-mails regarding the papers / presentations given by the faculty.
For now, I'd say that Chapman is definitely the best law school between LA and San Diego. UC Irvine's law school will make things interesting... we'll see what happens there.
EDIT: Forgot to put in this link re: Princeton Review rankings - http://taxprof.typepad.com/taxprof_blog ... rev-7.html