A law degree from Reading is very well regarded. I have spoken to a lot of people in the field, as I have managed to get 3 internships even though I go to Reading. Everyone says Reading is a great uni for law and that I should not put too much emphasis on which university to go to, more about what degree i get and doing extra things such as internships, law society, work experience etc. Reading is consistently ranked high the league tables. This year it is 9th on Times and was 8th for 2012 which shows it must be doing something right. I think people have a misconception about it because it is not very well known compared to uni's such as manchester, nottingham, london etc as it is not a huge place. This year three A's are needed to enter, which shows the type of people that apply and go there.
It has a really good erasmus program, I studied in Vienna for a year which was amazing, but other people went to France, Sweden, Italy, Spain, Germany, The Netherlands. Most of the places you go you don't even need to speak the language. I would definitely suggest looking into that if you can.
The teaching is good, campus is beautiful and a really good place to live. You have to go to a uni which is best suited to you and you will have fun, do well and more likely get a career after. There is no use going to Oxbridge if you don't enjoy it and come out with a lower class degree.
Overall don't listen to anyone that says Reading is a mediocre uni, its not and you will love it there.