AlphaGam - I would expect that Harvard Law grads do very well in the job market. I would also expect that the debt prevents the vast majority of them from doing public interest law or working for the government. They have to go to a "BigLaw" firm.
While I hear students here make jokes about "oh, haha, better study or you'll be a public defender," there are a lot of excellent lawyers that would not be happy in the firm environment. I know a lot of top-notch, honors graduates that are dedicating themselves to public interest work or have dreams of being a U.S. or state attorney. It just makes me sick to see people have hopes of doing great things and just get trapped by the debt and have to give up their dreams.
Go to a top tier public school - Florida, Michigan, Virginia, several of the California schools, etc. More bang for your buck.
RE: importance of summer job... depends on what you want to do after graduation. A heck of a lot of firms make their offers for permanent positions mainly, if not totally, within their class of 2L summer associates. If you want to work in a firm (anything from the biggest international firms down to the small regional ones), and it's big enough to have at least one spot for summer associates, your best chance of getting hired permanently is to be there in the summer. Plus, you will get a much more realistic look at the firm - more than you would ever learn from a couple hours of interviews.
Now, if you want to clerk for a judge after graduation or work for public interest groups or the government, etc. the summer job isn't so important as long as you've gotten good experience.
To me, one of the big benefits of the whole summer associate program is that when it works out - you like the firm and they like you - then you are DONE interviewing. Makes the last year much more relaxing not having to stress about finding a job. I don't have to get all dressed up and go thru all the interview B.S. Especially in this economy, it's really nice to know ahead of time what you're doing.