Rising 3L at Pitt, guess I'll vouch for it.
On the plus side:
Diverse/laid-back student body
For the most part, professors are very high-quality. Prof. Flechtner, in particular, is a legend. This link really says it all. http://www.youtube.com/watch?v=yo78MoyiDJY
Barco Law Building is in a great locale: right in the heart of the undergrad campus, down the street from dozens of great restaurants, bars, etc. The basement just underwent serious renovations and now features a deli, new lockers, and cozy seating arrangements.
The Assoc. Dean of Students, Kevin Deasy, might be the most approachable, compassionate faculty member I've ever met in my academic career. Very hands-on with the student body and genuinely cares about the students as individuals.
And most importantly,
The city of Pittsburgh is undergoing a period of consistent growth and development. The local economy is in solid condition, as is the local legal market, at least relative to the rest of the country.
Already been said, but bears repeating: Pitt's Career Services Office has been in continuous disarray since I arrived on campus. Still not a huge problem really, they do provide you with plenty of resources to help land internships, etc. Every student has access to an online job/externships database called Symplicity, which is where a substantial amount of my classmates landed their summer work.
Cost. Pitt's expensive, will run you between 25-35k a year in tuition depending on your residency status. The school does provide plenty of scholarships, however, which eases the pain a little bit.
As for the dip in ranking, honestly, who knows? Career Services aside, Pitt's done nothing but improved since I came here. Admissions competitiveness has increased, the Faculty continues to be high-caliber (last I checked, Pitt's Intellectual Property program was nationally ranked), and post-grad job prospects remain relatively strong.
Finally, and this is just a personal thing, I'd like to see Pitt's Environment Law program develop; Pittsburgh's suddenly become the premiere locale for Marcellus Shale drilling and looks to be a key provider of U.S. natural gas resources for years to come. From an Environmental Law standpoint, the local implications are enormous. Two of my friends in the EL Clinic spent all last semester working on cases where local citizens' water supplies became contaminated, allegedly due to nearby drilling. I'm hoping Pitt Law will seize the opportunity to expand its E.L. program accordingly.