I had a similar dilemma with McGill vs. Rotman. I think you summed up the pros and cons very well, at least, they are very similar to the lists I made for myself.
Currently I am leaning towards McGill, even as someone who is in Finance, because of the smaller class size/community and they offered me really good funding. I didn't look at Schulich so I don't have much to add there, though it did seem that Ivey, Rotman, Queens and Mcgill are generally considered the top Canadian programs.
Are you Canadian? Do you know what kind of industries/employers you are interested in apart from just general management? In making my decision, I spoke to some employers about their recruiting and how they saw the different schools. McGill also connected me with some of their recent alumni (2/3 took jobs in Toronto) who were in the areas I was interested in, and their perspectives were very useful to me. McGill career services staff were also willing to talk to me before I joined, which was not the case at Rotman. This was what I liked most about McGill, the community seemed very strong (just walk around the MBA part of the business building and everyone, staff and students, knows each other and what they are all doing) and they were very interested in helping me. Rotman the community also seems strong (I visited as well), and alumni I met were quite happy with it, but it's definitely not as close-knit as McGill (there are advantages and disadvantages to this depending on what you are looking for).
I think this point is also well made by the Bloomberg BusinessWeek rankings... Rotman places higher because it does better on the "reputation" criteria (they ask recruiters to rank programs). Nevertheless, McGill does much better than Rotman on the alumni and current student rankings, which corresponds with my recruiting experience where McGill was more helpful and more personalized. The larger employers I talked to seemed to have a slight preference for Rotman (this was in Finance), but they all said they also actively recruited at McGill, and at the end of the day they are both good schools/it's going to be way more up to you what you do personally than any difference between those two schools.
If it's worth anything to you, Rotman also has the best b-school faculty in Canada probably (which they pay a fortune in salaries for, it's no wonder they need so many students). I'm not convinced the marginal benefit is that high for students though, given that the McGill faculty is by no means weak, and in my experience top class researchers don't necessarily make top class teachers... though they do enhance the reputation of the school to outsiders. One current McGill student I spoke to, who went to a very good American school for UG, said they were very happy with faculty/classes at McGill (Rotman students I met felt the same).
I hear that the speaking French part for Montreal really depends on what industry/function you are going for. Some industries you will be fine with English, or at least, they would like you to learn French as well, but they will hire you with just English no problem. Others you NEED to speak French (general management seems like it would fall more on the French side?).
On location, if you want to work in Toronto there is an undoubted benefit to living there. Nevertheless, the alumni I met thought that it is by no means an insurmountable challenge (obv they and their classmates surmounted it), and noted that McGill does have strong ties into particular Toronto circles. The school plans some trips to Toronto, and if you are proactive (which you should be regardless of your program/location), you shouldn't have too much trouble making connections in Toronto. Also, while I like Toronto a lot (I worked a summer there in UG), Montreal is a truly unique and great city - great food, great culture, great prices, lots of fun.
Sorry for the incredibly long and rambling answer, but it's been a tiring work day and I don't feel like editing myself

. Hopefully this is in anyway helpful to you....
Thank you for taking your time to type all of that and for your great perspectives.
No, I am not Canadian. I get to learn all about Canada when I start my MBA this year! :D
I definitely agree that McGill's tight knit community is one of its strongest points. I e-mailed student ambassadors from all 3 schools I applied to, and only ones that got back to me were from McGill. I chatted with two current students and they were both very much willing to help, spending about 30 minutes on a call with a stranger just because I was applying to McGill. Their admissions team is awesome and so helpful as well. I didn't talk to career services yet but judging from what you say, it sounds like they would probably be pretty good, too.
I think I'm leaning heavily towards McGill at the moment. If they offer a meaningful amount of scholarship, it will probably just seal the deal for me. I am eagerly waiting to receive my official offer letter with the amount of scholarship specified.