To add to this crazy mess of a discussion, I agree that the value (as opposed to ranking) of law school is very heavily dependent on your class rank.
For example, just speaking to Ontario schools and McGill:
Uof T - The top 10% at UofT are platinum; top 25% do extremely well; top 50% are in a great position - but if you end up in the bottom 50% of your UofT class, I can't honestly say that your UofT degree will necessarily help you (as borne by the ultravires stats). Bottom 50%, btw, is not an insignificant number...that's half the class
Osgoode has always been slightly overrated in my opinion. If you are in the top 10% you are gold; top 25% you are in a very great position. Beyond top 25%, I also can't see that your Osgoode degree will be your golden ticket. Many Osgoode grads have a tough time finding jobs (which is unfortunate - all bright people).
McGill - top 10% you are platinum; top 25% you are doing very well. But same with Osgoode, beyond top 25% - can't say your set, many struggle beyond the top 25% (althought, all are very birght individuals)
Queen's/Western - top 25% you should do good, everything beyond is hit/miss. On this point, I find Queen's is compared to Western on their bay street hiring, and Western edges out a bit. But Queen's is often overlooked for the fact that they do much better for BigLaw Ottawa recruit (due to proximity, and many people from ottawa who go to queen's) - of which western doesn't fare out well (if it all) - but this is not reflected in the ultravires stats. As well, Queen's gets many much more appellate and SCC clerkships.
Perhaps the value ranks might go something like this:
Rank 1: Toronto (Top 10%); McGill (Top 10%); Osgoode (Top 5%-10%) - these people can nail NY summer jobs, and get 1L bay St jobs + clerkships
------ Rank 2: Toronto (Top 25%); Osgoode (top 15~20%); McGill (top 15~20%); Queen's (top 10%); Western (Top 10%) --- these guys get Bay St jobs easily
----- Rank 3: Toronto (Top 45~50%); Queen's (Top 25%); Western (Top 25%); Osgoode (top 25%); McGill (top 25%) --- have a good decent chance of getting a bay st job
----- Rank 4: Everyone else in TO/Osgoode/Queen's/Western/McGill
This is just for those schools - too complicated to factor the rest of the schools. But I'd like to note that very superior undergrad performance can definitely help boost your opportunities.