Yeah, I'm with bsd_lover on this. Based on pure rankings, LBS is globally in the top ten in most sources. In the Financial Times rankings, it's in the top three, and I think it outranks H/S and the other M7 schools. In Europe, the holy trinity seems to be LBS, INSEAD and IMD. So, YMMV...
As I'm sure some of us discovered during interview and info sessions, reputation is still a challenge here in North America, though. It's a strong brand name of course, but against the M7, it's an uphill battle. So I would agree with what's been said -- that it's comparable with the lower M7, with the consideration that those US schools would still have stronger brands domestically.
Personally, I only applied to non-US schools because a post-MBA international career is very important to me (particularly Europe or Oceania). From that perspective outside of the United States, LBS/INSEAD are the next best after H/S/W, IMO. And I already knew I couldn't get into those three US schools...
So for me, LBS/INSEAD are my top choices (followed by IMD, Oxford, Cambridge, etc.).