I don't know what goes on in the employers' heads, but it hasn't come up in an interview yet and I have on my resume that I'm an editor. All they care about are grades and membership on a journal - but I haven't done the more intense callbacks yet, so I don't know.
Much bigger deal with clerkships than firms, I'd say. And yes, EIC carries the most weight- the others may be viewed as reasonably equivalent to each other, even if they are not.That being said, I did not have any editorial position and I now clerk for the top court of my state. My comment will be published- and I think that is a big plus, but other than that I had some other pretty hefty extra-curriculars on my resume to point to if anybody wanted to inquire why I wasn't an editor.Also- you are talking a serious time commitment and your grades may suffer.