Re: grad school.
Percent of the students who ended up with a PhD:
Wesleyan: 10.5%
Davidson: 8.6%
Middlebury: 7.9%
Wake Forest: 5.7%
Study abroad: Midd probably has the best setup, especially for language immersion, since it has 40 of its own programs, as well as other recommended. Wake has 29 of its own and other almost 50 associated programs. Davidson has only a few of its own, but it has 125 associated programs. Wesleyan has the smallest number, but it has access to all of Middlebury’s programs.
However, in all honesty, there are far more choices provided by any of the schools than any student would need.
As for academics, all four have challenging programs, but, as @Lindagaf wrote, each has stronger and weaker programs. So that really depends on the direction you want to take.
Wake Forest, though, is a research university, while the other three are liberal arts colleges. If you are looking for a “liberal arts college” experience, Wake Forest takes the last place.
Of the other three: Middlebury is the archtypical NE rural liberal arts college. Beautiful scenery all year round, really cold in the winter, small town next to it. Strong culture of outdoors activity and athletics. Wesleyan is more East Coast suburban, and, as opposed to Midd’s kids leaning towards crunchy, Wesleyan kids lean towards artsy. Also, Wesleyan has Greek life, whereas Middlebury does not. Davidson is in suburbs of Charlotte, NC, and is less diverse (not that the other two are all so diverse). Like Wesleyan, it has Greek life. It also has many more kids from the South, compared to the East Coast students who dominate the other two schools.
Wesleyan is the largest of the three with 3,000 undergrads, followed by Midd with 2,500, and then Davidson with 1,800.