This is an interesting thread, since I was accepted to Davis but waitlisted at Hastings. Since we all know how waitlists go, I'm preparing for entering the fall as a Davis 1L. Even if I do get off the Hastings waitlist, the impression I get reading this thread (as well reading other commentaries and assessments about each law school, talking with students, etc) is that Hastings has at best, a marginal advantage over Davis. The fact remains that both schools are mid tier 1 and still competing with Stanford, Boalt, UCLA and USC grads for top jobs in the CA legal market.
Also, in talking to colleagues currently working at top firms (I've been working for 5 years now), where you place in your class at Davis/Hastings is probably the biggest factor of whether or not you land a job at all. I have no doubt a strong alumni network may help you get a foot in the door, but I'd be very surprised if a bottom feeder from Hastings got a job over someone from Davis who's top 20% in their class.
And, to put things in perspective, almost all of us who enter law school do so in hopes of being employed by the time we graduate or soon thereafter. Given the current state of the economy and firm recruiting, maybe ALL of us are in the same boat, irrespective of which law school we go to.