Hey I'm a 2L at Wake, to answer your question from nearly 3 months ago, rugbylaw. (if you're still there...) The profs are great at Wake or if they aren't they're usually funny and if they aren't I'm not going to slander the few that I didn't enjoy, no wait libel, no wait, what do they teach us at that school... Anyway, I went to a large undergrad so I have enjoyed small private Wake. The students, faculty and staff are very friendly and helpful.
Post grad I think a lot of people stay in NC, go to ATL, DC or VA. I'm sure there are people who escape the region but for the most part Wake is a regional school.
I don't know anything about Charlotte placement but I'm sure it's strong. Might I recomend the free lawyer search site Martindale.com, you can search by city and then school and get an idea of placement and firm type. I got 374 of 3306 attys in Charlotte graduated from Wake (this isn't all the attys in Charlotte, just all the attys that are listed in the Martindale database, most in house and gov't don't get listed.) So even though Wake is a small private school we corner around 10 percent of the Charlotte job market. UNC had about twice that, around 700. Duke only had around 160. I don't plan on staying in NC so I ignored all of the job postings for NC but they were the majority.
I don't regret going to Wake, I have really enjoyed my experience so far and I could have been paying 4 grand in state by this point. I agree with 3Ldude, if your free ride is a tier 1 particularly UNC (for Charlotte job prospects), or even tier 2 and in region, then go there. If not, then come to Wake, you won't regret it.