I found the Socratic method to be a joke. I spent most of my time in on facebook and for most of my classes (especially this last year) I couldn't even tell you what I was supposed to have read, let alone what we were talking about on any given day. Had I paid attention, I would probably be extremely well-versed in the law, and many of my classmates are. But my lazy butt usually crams for 2 weeks at the end of the semester and gets at least a B. The bottom line is you get what you give as far as academics go. No one is going to hold your hand and/or make you pay attention.
I will say that the practical classes such as trial practice or any drafting class are extremely valuable. I was originally drawn to Loyola because of its Elder Law Initiative and Elder Law Clinic. The intiative appears to have fizzled as of summer 2009 and the clinic was disbanded at that time, too. So that was a bust. However, I was able to participate in the Community Law Center Clinic and that was a great experience. If you have an interest in getting experience in a particular area, Loyola will try to make it happen for you.
Quality of Life
This is an expensive town, books are expensive, we share the facility with the school of business and an undergraduate library, so that's annoying, the library is a decent place to study, the computers in the lab are virus-ridden and ancient, the newly-renovated ceremonial courtroom is georgous but the sun gets in your eyes during afternoon classes (it also seems way too big to be considered a courtroom - more like a congressional chamber), you live in Chicago which I consider to be awesome, if you are careful you'll be safe. I am overall happy with the school and my choice to go there.