I'm from the midwest too, and am really considering Iowa as well. I've went and visited, and have a lot of friends that go there, and from what I've seen I can tell you that guy is a tool. The class I sat in on was great, and the professor was the best out of other schools I have visited (of course, it's only one professor and I've only visited Notre Dame, Drake and Iowa, so take it how you want)
From what I have heard from people who attend there, Iowa is a more theory based school. This could be good, as it's not like they are just working to get you a job in the midwest, like some more regional schools can. I know they are really good if you want to go into teaching. I know for what I am interested in I've looked at their placement in federal clerkships, and they do just as well as peer schools.
I think Iowa gets a bad rap because people favor the coasts, as there generally are more opportunities there. From what I have heard from my friends there are still a great amount of opportunities for students, and Iowa is still pretty highly regarded in the midwest.
Hope that helps