Its reputation is at least mostly deserved and it has a feeling of common purpose and mutual respect between students and professors that I think a lot of American schools lack.
This is... not its reputation among law schools, at least. It is by far the largest of the top tier of law schools and has developed a reputation as a vicious, cutthroat place — a "lawyer factory" for new associates. That large of a class, combined with the sort of people drawn to Harvard because it's Harvard, lead to a lot more competition for professors’ attention, law review positions, and pretty much all of the other brass rings of law. I've heard lots of horror stories about people stealing notes, checking out all the textbooks so none are available in the library, in one case wiping another student's computer with a magnet — all stuff that wouldn't fly here or anywhere (except maybe GULC).