IMO, if you're a resident of PA, you'd be insane to turn down Temple for Villanova unless Nova offers some serious financial assistance - AND I go to Villanova. (Though I do know a bunch of people made this decision.)
The real rub when it comes to Temple is that Temple is in a rough part of town. I'm from out of state, and I didn't even consider Temple because of it's location and I got fee waivers from both schools. Villanova's big draw back has been that it's housed in the cross between a fifty year old parochial elementary school and a dungeon. Fortunately, for future classes, this will no longer be a problem.
If you're from out of state, it's kind of a draw. Temple tends to be known for its trial advocacy program and has a little bit better prospects in the city. Villanova has a strong tax program and focuses a bit more on the transactional side of things and places better outside of the region. Of course, these differences are negligible.
If cost isn't the issue, then I'd say if you want to go into tax/transactional law, don't want to stay in Philly, and like the suburbs, go to Villanova. If you're more interested in trial practice, want to stay in the city, and would rather live in the city (and commute by public transit), go to Temple.
I'd still stick with Nova just because I don't like cities and I'd like to have a nice new building.
The new building may cause Nova to jump in the rankings (though it currently lags behind Temple), but this will probably be meaningless. The school may attract some more talented students who would have been turned off by the older building, but there really isn't that much difference between a low ranked T1 and the better T2's. I have hard time believeing, for example, that AU Law students have much better prospects than Nova and Temple students (discounting its regional advantage in the DC area).