As the above 2 posters have commented I do believe that SEAS is more self selective which in the end counterbalances the higher acceptance rate it has.
I personally was accepted into SEAS this year and although I had no intentions of manipulating the system I now realize engineering is likely not for me and will transfer to the College (which as it has previously been mentioned, is a seemingly easy process). I actually spoke with the regional admissions officer that considered my application and she said specifically that she found my application intriguing because she thinks there aren't enough female engineers.
Now obviously my experience is arbitrary but I can tell you that I have a strong feeling that although I plan on ending up in the College at Penn I would not have gotten in had that been the school to which I applied originally.
Every persons experience in this process is individual and thus anticipating trends in college admissions is a useless act. So many factors will influence your admissions decision that are beyond calculable (like considering the opinions of the regional rep who will first review your application) so don't go in expecting to be able to con the system in your favor.
That being said, if you feel your app would be stronger in the SEAS pool than in the College I say go for it. Your efforts may make no difference in the end but at least you went with what you felt must comfortable with. Maybe you can allow yourself to stand out more in one situation than in the other in which case by all means. (As I was able to do as a female applying to the engineering school).
Just food for thought! Good luck!