I think it is pretty accurate to call it a regional school- roughly two thirds of the Class of 2006 works in the Mid Atlantic and South. Of course, whether this regional concentration is good or bad depends on the interests of the applicant.
I would ask the admissions staff and current students for their appraisal of the school's strengths and weaknesses. If they cannot come up with some of both, keep asking. The school appears to see its primary strength to be in the leadership tradition, which is consistent with other schools in the region such as UVA. The also advertise their career modules.
The weaknesses really depend on what you are comparing W&M against. For many students, the relatively small size of the almuni base might present a problem.