My approach has been similar to Indigo's. Right now I don't know what, exactly, I'd "study" seeing as how I think most people are still figuring out what's important.
Most of my outside-of-class time commitment towards law school is spent simply doing the readings, looking for themes where I can, and checking that I'm not just glossing over passages, phrases or ideas that I really don't understand.
The rest of it is spent trying to figure out how what I know is going to present itself on the exam. Checking out past student's outlines in the SBA vault, looking for generalized practice exams (saving the ones released by the professors until closer to finals) and making an effort to actually keep up in the supplements before I do the reading has been the bulk of the "studying" that I do, if you can call it that.
Additionally, I place a pretty high value on not burning out, so I really try and make a point of doing things like going to the gym or going out and shooting (I'm a photographer) in the city. I learned the hard way from LSAT studying, of all things, just how pernicious burn out can be and how important it is to be able to attack material when you're fresh to get the best possible score.
Also, as hard as it is, I think it has really helped that I've realized that there is definitely a head game going on. Yes, there are people that are already working all hours to memorize every case detail they can. I wish I had their commitment. I don't. Dwelling on the fact that I don't isn't going to help me. Trying to keep up with them isn't going to help me. What is going to help me is doing what I need to do to prepare for the exam. Also, that looking good in class is nice -- but it's obviously not the most important thing to me.