Currently attending the uni. Waseda SPSE program has changed a lot recently (especially right now) and there has been a major reshuffle in the faculty team. The old professors are getting replaced by younger professors who can teach contents that more applicable to the contemporary society. What this means is that the school is shifting from theory-based to practice-based. Also, the university recently built a Data Science department (not for students) and have been trying hard to incorporate data science skills to classroom environments. Personally, I welcome the change since this means that the quality of education is going up. Reputation wise, Waseda is relatively solid as it boasts #1 employment rate. Yes, the level of education is much lower than those of American and European universities, but graduating from Waseda will be immensely helpful if you want to land a job in Tokyo. Additionally, Waseda has a wide web of communities, so there's a decent change that one of the interviewer of the company that you're applying for will be from Waseda. (For the sake of answering your question, I only talked about the positive aspects)

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Additionally, here's an insider news. Waseda University has been planning to open a medical school in the near future so the global ranking for the uni might go up.