Interesting question ah01. Frankly, unless you are in the situation that Matthies was, or you didn't get on law review and want the experience, the work involved might not be worth it. However, I do have a friend who was on a very secondary journal who became Editor in Chief and said it helped her in interviews. In my experience though, law review REALLY REALLY helps you, with a wide range of employers, and is the route to go.
Full disclosure: I was on law review, so I don't know what my experience would have been without it.