You'll spend plenty of time with the grad students you want to be with. There will be some JD/MBAs in your section who already spent a year at the b-school (and some who will do so next year) so you can meet their friends. I hang out with various PhD students who I know through various channels, but that's just because of my well-established dislike of law students.
And yeah, there's a ton of things wrong with this place, but very few that are wrong with it and aren't wrong with SY as well. The most glaring weakness to me is the lack of a labor law program/associated clinical, which I just can't for the life of me understand (Yale stole Christine Jolls and Harvard seems to be dragging its feet on this one). Also, we're going to get a fuckton of snow tonight, which I'm not thrilled about and my friends at Berkley are teasing me about. Then again, I grew up here, so it's nothing I can't handle...but every now and then, I wish I could move the city of Cambridge to Oakland.