Reputation of school?

I have an interview at LECOM in the next few weeks. I'm excited as this is my first one. I haven't heard from any other schools yet.

I noticed that it still a fairly new school (founded in 1992). I was wondering what is the concern in that? Are younger schools not as "good" in terms of education? in terms of residency placement? Do older schools tend to have a better reputation? And what is this reputation good for? --meaning, how does it really apply in terms of getting placement, etc. Any help would be helpful.

I did a search and it didn't answer these questions for me.