I did not look at Pepperdine in particular when I was shopping around, but I believe it has a very good regional reputation and a so-so national reputation.
So it all depends if you want to stay on the west coast or not. If you want to stay in the west, then Pepperdine will be looked at as favorably as most of the other schools in Cali... especially for dispute resolution (although Willamette is also on the West coast, and is always one of the top 3 DR schools.) If you want to move away from that area after you graduate, though, then you may want to go to a school with a larger national rep. Truthfully, the only schools with excellent national reps are the top 10 or so. Measuring national prestige is about the only thing US News Rankings are good for, in my opinion.