I think one of the biggest problems is the terminology is different for 3L positions. There's basically like four levels:
- Editor-In-Cheif (at some schools there's another staffer who is right there in prestige with the EIC)
- Executive Editors (like the person in charge of articles, the person in charge of notes/comments, the person in charge of production, etc.)
- Normal 3L staff (supervise 2Ls, part of articles team, part of the notes/comments team, etc.)
- Special Positions (like those for people who barely did not get kicked off, or those who are studying abroad part of the year, or who cannot guarantee the time commitment)
That's pretty much how I think the order goes. There's a big drop-off after EIC. Even if you have a position that's almost as good as the EIC within your law review, outside of the review it probably will be treated like any other sort of elected/selected "executive" position.
Of all the things you do on law review, the thing you can do to help job prospects the most is to get published. It'll never be easier than when you're on the review. Other than that, what you actually do on the review won't really matter to a job search, it's great experience in and of itself.