Look, the truth of the thing is that exclusivity of anything makes that thing seem more prestigious and better than the rest. Whether that assumption is true or not is really beside the point. So when you have 450 or 500 odd people being accepted and concomitantly many of those getting an LLM degree, it would appear that that degree is not as prestigious as the rest, simply because there are so many more people receiving it than in other Law Schools.

Ivan's point that there are smaller programs within NYU that are specialized and accept a smaller group of people is a valid one, the only question is whether the prospective employer, be it in your home country or in the US, will know that or they'll just know of NYU's reputaion of accepting 450+ people and make the assumoption I've outlined above.

Lit,
By the time an employer is interested in knowing that NYU has over 450 students, in my view, he should as well be interested in knowing the number of specialisations at NYU and the number of people in those specialisations!

The same employer, I presume (correct me if I'm wrong), will read the US News and World Report where NYU is ranked #4, ahead of quite many (CLS inclusive).

Remember, from the point of view of tax, if I'm a big4 or law firm recruiter looking for tax associates, there is no way I would recruit from a campus other than NYU regardless of how many students are enrolled there, when I well know that NYU is #1 in the tax program!

I agree with Ivan.
Perhaps, we need to avoid generalisations; we need to put our views in context!

Those are my 2 cents.