I think it depends on what you want to do. If you're interested in Trial Advocacy, then Loyola is definitely the place to go. If your intention is BigLaw or Entertainment Law, then you are again, probably best off at Loyola. You'll find FAR more Loyola grads working in BigLaw than Pepperdine - a major reason is because Loyola has had much more time to establish its network of alum in prestigious firms and entertainment outlets.
The main things that I found appealing at Pepperdine are
1.) Much more relaxed atmosphere. Its more like "lets get down to business and learn the law" as opposed to "lets get down to business and see who can place in the top 10%"
2.) Secluded campus with nice surroundings. Easier to focus with fewer distractions of Los Angeles nightlife.
3.) Dean Starr. This guy has some serious pull in the industry and he will be taking the school to new levels.
I, myself, will likely be attending Pepperdine unless Loyola takes me off of their waitlist. Having attended USC undergrand, being in the heart of Downtown LA is more comfortable to me and I would actually prefer living in that area as opposed to Malibu/Santa Monica/Calabassas