Probably no need to flag a front-page Times story on this subject, but for the sake of completeness I note it. There's not really anything new for those who are regular readers of this blog. One irony, I expect, of a high-profile story like this is that it may actually push the number of applicants up a bit, since at least some prospective students will conclude, probably correctly, that they will get into a better law school, and at a better price, this year than they would have in the past and perhaps also the future. But we will see how the rest of this admissions cycle plays out.
UPDATE: This item makes the correct point, one somewhat obscured in stories like the one linked, above, namely that the "crisis" in the legal marketplace and law schools is not evenly distributed, as it were.