Tulane med student two weeks away from graduating.
If I had to decide for you, I would tell you to go to Memphis. You're closer to home, and you'll save a lot more money. Education at Tulane will be the same as UT-Memphis. I loved my experience at Tulane, and I will always be proud to say that I graduated from Tulane med. Also, living in New Orleans in your early, mid-twenties is great. New Orleans is truly a one of a kind gem. However, as far as education goes, you'll learn the same stuff here that you'll learn in Memphis. You'll have just as good a chance obtaining your residency of choice in Memphis as in Tulane. It will all depend on how you do in med school, and that is student independent. It really has nothing to do with what school you go to or "how a school prepares you" b/c you'll soon see that all the preparing is done by you and mainly from standard nationwide review books (First Aid, BRS, Crush, Pre-test, etc).
So in my view your decision is really about location and cost. I would always side with much cheaper and closer to family, friends, and what I'm used to.
Later.