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I don't know think W&L is more well-known but it is more highly regarded by people "in the know" and is definitely more selective than Wake Forest.
Its got a HUGE drinking problem on campus and its about 90% sorority and fraternity driven.
Ah yes the 'smart set', the 'in-the-know' people that really know what they are talking about and have an informed opinion because ... why? Oh, yes, you said they do. Got it.