Oh, UCI will be all right, especially with regards to undergrads. It will always be more desirable than riverside or merced, and asian and hispanic parents prefer it to sb and sc. less than cal, la, sd, and davis probably. but it still accepts probably the 92%-94% slice of california high school students. The quality of the faculty doesn't matter so much, its relative rank will remain the same.
The quality of the place nationally is dropping, though. But the addition of the law school is top notch and will improve the overall reputation, i think