When I did the competition, (I didnt make it), I didnt think it was difficult. It is very high pressure, but like everything else in law school, the work itself isnt bad. We had a weekend to read 300 pages and write a 6 page paper (3 page case summary, 3 page analysis) and blue book extremely difficult cites. The blue booking was the only difficult portion.
If you have the option, do law review. It may suck, but with as many unemployed lawyers as there are right now, you will be fighting for any job regardless of the prestige. I go to a top 20 law school, and I have so many friends without jobs still and we are set to graduate in 70 days.