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I have to say..at one point I was kind of a rankings snob and didn't consider SLU. HOWEVER, I visited the school and everyone is sooooo incredibly nice, all of the students (and I spoke to a ton) seem to genuinely like the school--additionally the comraderie among students is amazing. It's almost like a high school in that everyone seems to know and hang out with everyone else. I really, really got a good impression of the school (compared to the bad impression I got on Mizzou, which is generally ranked higher). Even with the opportunity to attend ivies and quasi-ivies, I still am seriously considering SLU--of course, I'm interested in public interest so law school rankings and salary prospects are not as important to me. I would seriously consider the school. If nothing else, if you work hard and climb to the top of your class at SLU and participate in several extra-curricular activities, that can look better than another kid saddled in the middle of his class at some higher ranked state school or something. Quality of life means a lot to me.
Also, in response to another poster--Wash U is like 2 miles from SLU. It's still very much "in the city" IMO.
It demonstrates to prospective employers and schools that you have bad character and only accomplish good things when you have a reason to. Things that may seem trivial or meaningless right now tend to come back and haunt you 10-20 years down the road