These are sensible points, and they do extend beyond "the top X." Many state law schools are still reasonably priced, and have had, over the long haul, good professional outcomes for their graduates. Many regional law schools, private and public, have strong market niches and, due to the competition for students, are discounting sticker price substantially. Prospective students should, indeed, "get advice relevant to their situation," and that advice will mostly not be found on blogs or chat rooms, alas.
I would encourage you to write a blogpost aimed at some misinformation that media stories about the law school value proposition are purveying to the most qualified potential law school applicants. The perverse thing is that the largest percentage application decline has been among the strongest applicants (by GPA/LSAT). For students of at least the top X law schools (and I've done no science to identify the "X", but I suspect it's at least "10") employment opportunities remain strong, and given recent law firm hiring patterns, advancement opportunities for this generation of law firm associates should be very positive. The question for those students should be, as always, do you want to be a lawyer, and, second, do you value the education that LS can offer for other things you might want to do.
I appreciate that a general message of caution for law school applicants is wise, but I think people should also get advice relevant to their situation.