I'd say Pepperdine is a really good school. The average gmat score to get in is 640, and they're huge on work experience. In my opinion, they have a better mba program than UC Irvine, and I wouldn't even consider going to a CSU for an MBA.
Pepperdine's fully employed program is huge and is easier to get into than their full-time program. A lot of job opportunities arise from being in the middle of a huge network, though. Pepperdine's program is massive- Largest program (by amount of students) in LA.
If you don't get into UCLA or USC, I think you should go to Pepperdine. Just don't be like one of my friends who has been preparing for the GMAT for the past 3 years.
As for rankings, I've seen Pepperdine ranked in Forbes (the top 60 programs), Businessweek, and Financial Times. I've thought of going there...It's not an "ultra elite" program, but it's a really good, respected program...I have friends in it and they all like it.