I'm a 1L at Michigan - in the middle of my first week of classes. The placement rate here is similar to the rest of the top 14 - around 97%. The majority of Umich grads take the bar in New York, but Michigan also places a large percentage of grads in Chicago, D.C. and the Bay area. True, for summer jobs you probably will not stay in the Ann Arbor/Detroit area, but over 700 employers participate in on campus interviewing, so you have some amazing options.
As far as ripping out pages in the library - I haven't seen or heard anything like that. The 2Ls and 3Ls that I've talked to all say it's a friendly, not overly competitive atmosphere.