I'm kind of surprised this thread has lasted for so long. As a Penn student, I honestly think this entire discussion is a bit ridiculous.
Attempting to group and rank schools in some objective way is ridiculous. All schools have strengths and weaknesses. There is a reason that HYS are in a category of their own - in probably all categories, i.e. NYC Biglaw, PI, clerkships, those three have a distinct advantage over all other schools. Outside of that, law schools fluctuate in rank based on what's relevant to the applicant. Does the person want PI, be in Chicago, work in the South, definitely clerk? For those applicants whose career goals are so poorly defined that they want a school that rocks by all possible metrics, 1) they should probably think a little harder about law school and 2) focus more on school culture than numbers that cut in all kinds of different directions.
Simply based on this, I just don't think it makes sense to talk about law school rankings like CCNMVPDCNG. I picked Penn over Chicago and NYU based on a lot of factors, none of which involved clinging to arbitrary rankings. So, to get back to OP's question about Penn being underrecognized or whatever, that might be true or false depending on which metric we are talking about.
Just a note about Wharton - Ive heard from upperclassmen that OCI interviewers look favorably upon the Wharton certificate and it is cool to be able to take classes there. I don't think it's some amazing MBA equivalent just as much as I don't think it's just something to sneeze at. It can be a valuable tool come OCI that helps at the margins.