Being a student at Cornell, I have gotta put in a plug for my school. Folks here has brought up some good points...
1) No doubt, the weather in Cali is second to none, so if the outdoor is really really important to you, by all means, live in palo alto. you'll be happier there.
2) Personally, I feel that the attachment of an undergrad campus is overrated. yes, you may have more social interactions with undergrads that way and possibly score couple of dates, but come on! NYC is the capital of yuppie singles! Trust me, in terms of the singles scene, NYC beats palo alto any day. as others have pointed out, the opportunities of basic science research is abundant with the tri-institutional system here.
3) The proximity to other graduate programs though, may be beneficial if you are interested in joint programs (i.e. MBA, MPH, etc.) while we do have a joint MD/MBA program, the business school is 4 hours away and requires uprooting your housing situation for a year...just not as convenient. Stanford has its MPH at Berkeley, roughly an hour away by car. We have a joint MPH with Columbia, also just a short subway ride away. pretty similar in that regards.
4) Student life here is top-notched. First 2 years we are out of school by 1 pm. Problem-based learning prepares your thinking for the clinical years. 3rd year is hard, but definitely more doable than other programs. You'll learn alot here, but will still have time for an outside life.
5) Match list here is also great...I'm still not great at comparing matchlists, so I can comment which school has a better list. But we do have lots of folks going into derm, ortho, radiology, EM, etc...often matching at programs like MGH or UCSF or of course, Cornell. Check it out if you want at our website if you want...rumors have it that we average in the 230's for step 1 (only through words of mouth)
6) Financial aid: in terms of grants, Cornell is actually very generous with financial aid if you have needs. but given that we do not have any institutional merit-based scholarships (everything is need-based), it may look more skewed on usnews than reality.
In short, I'd choose between these 2 schools based on your personal preference. You can't really go wrong either way. What I will say is don't let the lack of an undergrad campus or the usnews financial aid figure impact your decision. Good luck