What do you consider Penn's strength's in comparison to "higher ranked" schools like CCN? What about compared to "similarly ranked" schools like MVB?
Penn's strength compared to Columbia and NYU... it is NOT in NYC!!! I may be the only person in the world who feels this way, but @#!* New York! The first thing I did when I got into Penn was call NYU to withdraw my deferred application there (they said they hadn't made a decision and let me withdraw and then rejected me 2 weeks later, but that's another story)...
Location aside, Penn wins as far as class size is concerned and, from what I have heard, student/faculty interaction. One of my best friends is at NYU Law and what he likes about it there is that the teachers are viewed as scholars and you don't approach them unless you have something well thought out to say. Well, at Penn, the professors are scholars but we are a bit more laid back - get ready to find yourself laughing in class, forming informal relationships with professors (I play Scrabulous with my Con Law professor on Facebook all the time and was tennis partners with another), etc.
As far as Chicago is concerned, it wins for size (and, for me, location... though I wish it were in Lincoln Park!) and I don't know about faculty/student interaction. I would say visit the two school and go to whichever fits you best.
As far as MVB, as someone who is going to northern California next summer I probably would have taken B over Penn had I got in (because I always knew I wanted to work in California). The advantages Penn enjoys over these schools are size, it is a private university (which I think is better), access to Wharton and the rest of the University (personally, I am getting a J.D./M.S. in the same amount of time it would take to get a J.D.), and it is close to DC and NYC if you like the East coast thang (which I don't, but some people do!) Also, statistically Penn has a numerically stronger student body.