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After seeing both schools, most women love either Wellesley or Smith, not both. As others have said, they offer high caliber educations in all-women environment, but that's pretty much where the similarities end.
In my D's graduating high school class, two got into Wellesley and two into Smith. Those that got into Smith did not apply to Wellesley, and vice versa. And, for the record, both Wellesley and Smith rejected roughly equal numbers of other applicants from the high school, making both equally tough to get into. Bryn Mawr and Mount Holyoke accepted far more students (including the four that got into Smith and Wellesley); however, I would hardly say that the educations at those colleges were not as good just because they were easier to gain admission into. You have to choose your college based on both excellence of education and fit.
All-women's colleges are generally easier to get into than their co-ed counterparts because, well, only women apply and the schools are the size of co-ed institutions. Essentially, these colleges offer twice as many spots to women. Think of it this way: if Amherst or Williams were twice as big, they would not be as selective as they are now.
Don't get tricked into believing that a higher acceptance rate means lower standards. The group of applicants to both Wellesley and Smith tend to be self-selecting -- they are ambitious, intelligent women who have decided that a quality education trumps being able to meet lots of men. You won't find many slackers in the applicant pool. Wherever you end up, you will be amazed at the intellectual caliber of your classmates.
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