Hmm, I personally see this as being more detrimental than positive, but I think it's a very personal matter. I'm the type of person who likes to not know everybody in my school, and I know there are a lot of others like me, although a lot of people do want to know everybody.
There are other benefits to a small school than knowing everyone. I appreciate the smaller class sizes: my largest class right now is 55, whereas I think the first-year classes at HLS are around 80. It's easier for teachers to remember our names and get to know us, especially in our small section classes. This, in turn, means better recommendations, references, etc. Small seminar classes are also easier to get into, because there are fewer people applying for the lottery--pretty much anyone who wants it will get in.
Law Review here is not nearly as cut-throat. Like HLS, we accept 40-45 students a year for Law Review, but unlike HLS, we only have 100 people compete.
Jobs at some places are actually easier to get--a few firms will take 1 student each from SLS, HLS, and YLS--but whereas SLS and YLS are small and only have 4-5 people applying, HLS, by virtue of its size, has many more applicants for that one spot.
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