Texas the world over is thought of as a football and party school. It does not matter that it is also great academically that is how people think of it. They don't see a difference between Oklahoma & Texas.
Penn is Ivy League and that impresses people. Shallow people perhaps, but nonetheless it has that it factor.
For undergrads, that is true to a degree, but anyone hiring for a firm of any worth knows well the difference between Texas and OU and knows of Texas' academic reputation. However, if you try to get an accounting job at Joe's HVAC, then who knows...
The facts say very differently about those who hire lawyers, and how differently they see the schools. Penn certainly is better regarded overall, but only about 4 spots differently by the people who will actually hire you when you graduate (check USNWR regarding reputation by lawyers and judges).
Penn is a great school, but when you add in interest, etc., that's a $100,000+ bet you're making, and not a lot of hard data to back up how good of a bet it is.
On the other hand, screw the research, go to Penn. I would love to see more scholarship money freed up.