David Bernstein has details on why Dean Erwin Chemerinsky and his OC mates fell short of their "very ambitious, and very public goal of debuting as a U.S. News top-20 law school (or perhaps even “a law school that would be ranked in the top 20, by every measure, from the outset”)."
Of course, IMHO, the whole thing should have been killed before it got off the ground. And I lost whatever respect I might have had for their administration when they hired the felon Bill Lerach. To teach a course on the ethics of capitalism, no less!
Update: In the interests of being fair and balanced: Here's the highly estimable UC Irvine Professor Rick Hasen on why UC Irvine is just super duper.