From analyzing the US News rankings and the schools over the past two years, here's what I've come up with.
Top 14 Schools
You can get a good job anywhere in the country.
These are Bad A$$ regional schools whose influence extends beyond the city they are located, but may not have huge pull in every part of the country. Eg - Fordham is considered strong in all parts of the NE even outside of NY, but may not recruit as well in a city like Phoenix. Texas is dominant in the SW and you can get a job in LA or NYC with it, but not as easily if you went to Berkeley/Columbia. A lot of these schools are also typically located in the same city as a T14. ~Top 25%-33% class enter into BigLaw.
30-70 (And maybe up to 100...not sure because I'm not familiar with the schools.)
Solid job prospects for the nearest large city. ~Top 10% of class can get a BigLaw job within the nearby city. This is where I think the whole Tier 1 vs. Tier 2 thing gets screwy in the sense that schools that fall into the 40-70 slots move around a lot. For example, over the last 10 years I think the University of Houston has fluctuated between #42-#69. (I'm not sure of exact numbers.) Emory and Tulane might be the only two schools in this category that don't fit this profile because their name travels a little better due to reputation/name recognition of their programs overall. (Law/ugrad/grad,etc.)
In my opinion as long as the school stays within these rankings, basically nothing has changed. It's when their shift falls outside of it that I would start to get worried/excited.