Those are all fair considerations, but do you weigh certain thoughts over others? Weather and geography would be a huge + for CU, higher rep. should be huge + for Iowa.
Also, think about the trend of the rankings. Iowa has held steady in the top25 for sometime, and may(*may*) have peaked, but will probably say in the same range. CU on the other hand, jumped up 7 spots this year and gained last year also. CU will continue to rise for the next three years and then probably level off. (Remember, this is just the 2nd class to be recruited with the new facility, which is NIGHT AND DAY over the old one: Think of a one room shack compared to a modern facility)
I think CU will level off in the high 20s, which is possibly where Iowa will end up as well. So rankings will probably be a wash within 3-5 years (or at least the gap will narrow significantly). If you're into environmental law, then CU for sure (#9 in USnews2007) Prestige however, will still be in Iowa's favor, as many do not recognize CU's quality, and CU doesn't place on the east coast.
As for employment, we're basically talking Denver at CU and then a host of secondary markets at Iowa (Des Moines, St Louis, Kansas City, Pitts.). Personally, I think the Denver market is a hell of a lot better than most midwestern markets, but you may think differently.
I would think seriously about where I wanted to practice after graduating, then I would pick CU, because Denver is better than those markets, and there will be little qualitative difference in my education, it'll be cheaper, and the geography/climate will be much better.
The Buffs will be back in the top 25 under Dan Hawkins, which means they'll still be inferior to Iowa, but at least they won't have to play Michigan and Ohio St. all the time.
As for basketball, CU's program doesn't need rebuilding, it needs disaster relief/state of emergency level attention. It's a grim reality, save yourself and root for your UG school instead.
Also, easily my favorite Buff alum is Byron White (Supreme Court Justice) who "was the first and unquestionably last person in history to lead the NFL in rushing the same year he placed 1st in his class at Yale Law School."