I'm actually facing the same decision between these two schools. However, I received scholarship offers from both schools (20k/year at SMU, 30k/year at Emory). Even though Emory offered me more money, I'm pretty sure I want to be in Dallas. From research I've done, if you do well at Emory, you're looking at getting jobs in NYC, DC, and Atlanta. If you fall below the top third of your class, it seems Atlanta is where you'll end up.
That being said, I'm from Oklahoma, have family here, and love Dallas. Baring any waitlist movement, which I'm not expecting, I'll be heading down to Dallas this fall.
Longhorns > Sooners ALWAYS!
Goes without saying. That's like saying the United States > Canada.
Aggies > Longhorns > Sooners > Canada ... scientifically proven
EDIT: I will admit, however, that Austin is hands down the best place I've ever lived