I had the occasion to answer a question on Quora about MNLU, Mumbai. Go through my answer here to see what I feel about it. In case you wish to save your click, I am pasting it here.
"What should be the ideal college preference list for a Mumbai student taking CLAT 2016? Where does MNLU stand when compared to other NLUs and GLC?"
You may go through my post on CLAThacker which addresses this issue here - The unwanted return of filling up NLU preferences + what can be an ...
- and just to reiterate, the preference list is what you make of it, and you should make an informed choice as to which college you should choose keeping in mind your own unique situation. Of course, this requires a lot of research, and consultations with your parents and seniors (assuming you actually attain the rank to be in a position to choose colleges).
Now let me address the more interesting part of your question. MNLU is a new University, so you cannot expect to waltz your way to Amarchand and Khaitan. It has a lot of potential because i. I have read their VC's interview, and I believe he will be a very supportive authority. ii. It is located in Mumbai iii. Being a new college, if you can put in the mammoth effort to shape the institution since you will be in the second batch, it will reflect very well and will open up many opportunities for you.
You should read interviews on http://Superlawyer.in
by people who joined their colleges at a similar stage to understand the kind of challenges they faced. They are placed well in life now, but they had to put in a lot of effort for things students of established NLUs just take for granted.
So at the end of the day, MNLU is an exciting but daunting proposition. I have given you the link, and you should do your research and make an informed choice.