I graduated from RWJMS in 1995. I was accepted to all 3 allopathic NJ programs (RWJMS-Camden, RWJMS-Piscataway and NJMS). After seeing all the campuses, I chose RWJMS-Piscataway.
Now each school has its strengths and weaknesses, but overall RWJ does have a bit more focus on basic science research because of its proximity to Rutgers. That trend has been maintained and strengthened to this day. There are a lot of collaborative institutes being put up in Piscataway (EOHSI, CABM, Cancer Institute of NJ, Child Health Institute, Waksman, etc) that probably couldn't happen in Newark.
When I was at RWJ, I noticed that the school tends to focus on admitting minority applicants (I estimate that almost 30% of my class were underrepresented minorities). Because of this the average MCAT score at RWJMS may be deceivingly low. To get into RWJMS as a non-minority you must have stellar stats.
After RWJMS, I went to Illinois and Texas for residency and fellowship. I noticed that throughout the US, the "Robert Wood Johnson" name invokes some sense of prestige. Most people in Texas and the midwest have never heard of UMDNJ. Most physicians I worked with as a resident didn't know that RWJMS = formerly Rutgers Medical School, but they have heard the "Robert Wood Johnson" name before, perhaps because of the large philanthropic organization that General Johnson left behind (
http://www.rwjf.org). Either way Robert Wood Johnson has imparted some sense of branding to the medical school which bears his name.
Overall the schools are largely similar: but RWJ has the edge in acceptance yield over NJMS, slightly more research funding, and has the "name" factor. NJMS has the benefits of being close to NYC, and having a hospital attached to the main school campus. Either school will offer a great education. Good luck.