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Just adding to this - I similarly chose between Wharton and Booth (did not apply to MIT), and attended both welcome weekends.
Here were my impressions:
Student quality: Wharton seemed to accept a ton of consultants, and lots of people with international experience. Booth seemed to have a lot more people with 'corporate' jobs. I think the Booth pool was more concentrated around the 'middle' in terms of experience, aptitude, etc, while Wharton was more of a barbell (i.e. very high quality people with cookie-cutter backgrounds (consultants, private equity, traders, etc), and then people with very nontraditional backgrounds). Overall, the Wharton admits were noticeably more polished and professional. Wharton also had some impressive military careers represented (special forces, air force pilots, etc), to a greater degree than Booth. Winner: Wharton.
Campus: Booth has all of its classes in one building, and while it is a nice/new building and despite being totally encased in glass - there are no windows in the classrooms. And all of the classrooms we went into were in the basement. And the classes are 3 hours long. To me, that much time without natural light is a huge negative. There are also no undergrads in the Booth building (pro or a con, depending on your perspective. It definitely makes it less lively.). University of Chicago's campus is classic gothic, but as an MBA student you will live far from it. Penn has a bright, airy campus, right near center city, with natural light in every classroom, and Huntsman hall is buzzing with undergrads and grads. Winner: Wharton.
Social: Wharton is a huge party school. They don't even try to hide that fact. In my opinion, they actually take it too far. After 4 years of fraternity life in college, 5 years of working and blowing off steam on the weekends, I personally don't get excited about the prospect of drinking face 4 days a week in Philadelphia. The Wharton programming also spent a decent amount of time disparaging other schools in a way that was neither flattering nor gracious. Booth is a sociable school with a collegial vibe and places priority on the program itself, not the extracurriculars. Winner: Booth.
Career: Booth put on a pretty good show, and to be honest I think if you are a standout student you could be aided by the slightly weaker class profile and would be likely to attract a lot of attention and institutional resources in your placement efforts. That said, the placement diversity felt more narrow. Lots of finance, decent amount of consulting and tech. Every firm in Chicago comes here. But no question to me Wharton had a more fully-baked and commercial program in terms of career placement. Every industry at Wharton was well-represented; the way they structure their career services department, by industry, felt sophisticated, and the department talent was impressive. If you want to follow a more nontraditional path - entrepreneurship, media, not-for-profit, Wharton has highly-developed institutional knowledge and legacy to support those plans. Feels like you would be competing against a more competitive set, however. Winner: Wharton.
Overall, Wharton felt more commercial and professional, and those institutional qualities filtered down to the students. No doubt Booth would be a very comfortable place to be, however. The welcoming sense of the Booth community, the lip service paid to the actual academic programming, and the generally more approachable student body almost outweighed my perceptions of Wharton as an efficient, highly polished, marketable brand.
For what it's worth.
I went to Wharton undergrad and I had a fair share of interactions in the MBAs. Your analysis is spot on for all the points, except for the Party Culture. Sure, you can goof around at Wharton, but if you do your classmates won't take you seriously and you will have a hard time recruiting.