I toured Valpo a few weeks back.
I'm looking for a strong challenge in law school. Valparaiso didn't seem to be that. The town was fairly dumpy (at least the part that the school's in). It is 35 urban-sprawl-covered miles from Chicago, so that's somewhat of a plus.
If you're seriously considering going to the school make SURE you visit. The facilities are pretty lackluster in my opinion. It's also a Lutheran school, so that might be a factor.
I sat in on a Civil Procedure class (1L) and I wasn't all that impressed with the academic environment. The students weren't very professional and it seemed to be more of a casual conversation about Civ. Pro. than an actual law school class. I'm pretty hardcore, and old-school, though, so take my opinion only for what it's worth.