I'm sure someone will chime in with direct experience, but I've met a couple W&M grads/students. Reputation seems very good in the area and nearby states. No idea about national rep, but my guess is the rep wouldn't extend outside of the east coast.
I'd say the school is good choice if you are a VA resident. If you're not a VA resident, the school offers in-state fellowships for out of state students. You work for a prof as an Research Assistant and get in-state tuition. No idea what you'd have to do to get one of these, unfortunately. I'd check with the school if you're interested.
I'd imagine job prospects are about the same as many schools in the range. That is, not nearly as good a chance at a high paying job as 0Ls and 1Ls think.