Obviously, it's not great, but I think the negativity is a little overstated...As a group, schools ranked in the 40-50 range routinely place students in good jobs (note, the "as a group" qualifier). If you're choosing between a couple of those schools, you need to be sure you're interests match-up with the subfield strengths of the department (i.e. judicial politics at a school like South Carolina). I also think there's a pretty substantial difference between some of those schools that the rankings methodology can't really get at. I'd be sure to ask current faculty or graduate student advisors specific questions about program strengths/weaknesses. The more opinions you can get, the better.
- Bruno