You generally won't be eligible for law review, some student loans/grants or some fellowships or some types of graduation honors.
Also, it can be difficult to integrate socially, as 1L year is when a lot of friendships are made and it will be harder to break into your class a year late. Not that it can't be done, it will just be harder.
My friends at HLS who have transferred have had no problems finding jobs at all.
I really would advise against going to a school that you don't really want to attend. I would also caution against letting location be too big a factor (other than to the extent its a regional school and you wouldn't want to work in the region). You won't be there all that much (chances are you'll be wherever you want to be in the summers and school breaks) and when you are there you'll be working your butt off.