I agree that Chicago is underrated. It has the best faculty of any law school in the country, bar none. Plus, it's a small school so there are better student-faculty relationships, from what I've heard. I can't quite figure out why it isn't ranked 4th, ahead of NYU and Columbia, and maybe it should even be a bit higher than that. In terms of just the education quality that you get, it might be the best. I guess it doesn't have the universally recognizable name that some of the schools ranked above it have, but it does get mad respect in the legal community.
Would have applied, but I did undergrad at Chicago and was ready to move on. Plus, personal factors meant I needed to be on the East Coast.