Hi music.
You are right on the fact (fact only) that Emory is at same level as Michigan or even higher depending on which ranking you are looking at, but in this perceived world ppl would think Michigan is better. Especially on an international stage, Michigan has a good if not great reputation. People from India, China, Korea, Euro and South America knows Michigan whenever I mention I graduated from there. They all have high praise of Michigan.
On the other hand, schools like Emory might not have that great of international reputation. Just to give you an example, two of my friend one went to Cal Tech and the other went to Mit. They both are excellent school, but whenever I mention them to people in China or Korea or any international setting they instantaneously know Mit, but not so much for Cal tech. Even my grandma knows Mit. haha.
On top of that, Michigan one of the biggest alum networks in the nation. (The quality of the network might not be as good as Harvard or Yale. but the quantity makes up for the quality). Everywhere I go there is someone wearing Michigan shirt. (Hong Kong, China, Japan, deep south, northeast, Cali, DC, TX list goes on and on).
I do give that Emory has better weather then Michigan. J
I know I sound bias, but this is my first hand experience. Again your choice.