I'm not a pepperdine student or alum, but I'm pretty familiar with the legal job market. I'll second that Pepper is a really nice school, great faculty and reputedly a great student body. The job market kinda sucks though and you definitely can't count on biglaw employment out of Pepperdine just yet. Whether its worth it really depends on your alternatives. When I was making a similar decision 4 years ago, before I applied to schools, I decided that I wouldn't go into serious debt to go to a school outside the top 3 and wouldn't go at all if I didn't get one of my four choice schools (lowest ranked of which was UVA). I had a decent job as an economist with a think tank and had the opportunity to move to consulting and work modest hours for about half what a first year in biglaw makes (market). As it happened things went well for the lsat and I ended up going into debt to go to a great school, loved it there and am now in big law working on paying down the debt. My standard of living now is about the same as before law school and certainly worse than if I hadn't gone at all, but the future is bright and I'm perfectly happy with my choice. Obviously now the job market is way worse both for legal and non-legal employment than when I was making this decision.
If I didn't have a great job before law school in a career field i liked just fine, I'd have been less picky I'm sure. I'm pretty indifferent to working as an economist or lawyer - both suit me fine.
If you absolutely want to be a lawyer and don't care if your standard of living is crap for 10+ years after school definitely go, you'll manage to pay the loans off one way or another. If you are making $80k now in a cushy job you love don't go.