I wouldn't worry too much about Pepperdine's rank. I too was a bit unsettled, but do realize that schools at this tier level are VERY volatile. Santa Clara was consistently 2nd tier for years and for some reason it fell to third tier last year, only to return.
You're much better off at Pepperdine. Things to take notice of this year:
Average salary went from $55-80k to $61-105k putting in the ranks of Loyola and San Diego and surpassing Southwestern's salary prospects
Bar passage rate went from 70% to 74% making it the highest in the 2nd Tier for CA
More than likely, I will be attending this Fall.
BTW, did you get an email from them telling you that "theres still time to RSVP for April 7th"? I RSVP'd a few weeks ago, but I'm thinking they maybe missed my Fax and RSVP card.