Michigan’s football team may suck right now, but to football fans here in Massachusetts, all that matters is that they gave us Tom Brady 
As an ECE alum of both Tufts (Olin’s provost/dean used to head up Tufts ME department) and our state flagship I will try to provide some information to help you figure out the best fit. To complete the circle, Tufts’ current dean of engineering was a Collegiate Professor of Environmental Engineering at Michigan.
As @alexandre suggests, these two schools are at almost opposite ends of the spectrum of engineering education.
Here is some context:
In terms of size, just the population of undergraduates at UMich (~28,000) is greater than the entire population of the town in which Olin resides.(~26,000).
The population of undergraduates in Michigan’s school of engineering (~5800) is larger than the entire undergraduate population at Tufts (~5000, ~800 of which are engineers) and almost 20 times the population of Olin (~325). Olin is about equal to the size of the engineering enrollment at Harvey Mudd (Mudd’s total enrollment is ~800).
The entire campus at Michigan is 21,000 acres, the main campus is 3,177 acres and it has 280 acres of parking lots.The entire campus at Olin is 70 Acres - which is equal to one quarter the size of Michigan’s parking lots.
You could throw in Tufts’ main campus (150 acres) and Harvey Mudd’s campus (38 acres) and it would still be less than the area of Michigan’s parking lots.
The distance between Michigan’s North and Central campuses is about 2.5 miles. The distance between Olin and Wellesley College is about 1.5 miles and the distance between Tufts and Harvard is about 2 miles. Babson is adjacent to Olin and the Claremont colleges (Pomona, CMC, Scripps ant Pitzer) are all adjacent.
Olin is best thought of as a small Engineering LAC much like Tuft’s School of Engineering and similar to Harvey Mudd (which is more of a STEM-LAC). Olin, like Mudd, is a member of a consortium (Babson-Olin-Wellesley), but the coupling with Wellesley is not as close.
Like a traditional LAC; Mudd, Tufts and Olin are all teaching focused (although Tufts has some small Phd programs- one of which is in engineering education) and all are on the forefront of engineering education reform. Michigan is more of a large, highly regarded, traditional engineering factory/research university.
An Engineering LAC differs in it’s approach to undergrad engineering education relative to the traditional engineering factory in that it has more of an emphasis on: breadth of knowledge outside the engineering discipline, critical thinking skills, and communication skills. The trade-off is that, since there are only so many hours in a day, there are fewer hours available for learning pure engineering skills. The engineering LACs tend to be more interdisciplinary in their approach (which is easier to do when you are small) and the engineering factories/research universities tend to have more depth of offerings within a discipline (which is easier to do when you are large). It is also easier to do hands-on project-based learning (rather than large lectures) when you are small.
In my opinion, a combination of an Engineering LAC for undergrad and a research university (such as Michigan) for a masters is the best preparation for industry. If you want to go into academia (which represents a very small percentage of available jobs) you will need a Phd. This is why you see a fairly large percentage of Olin/Mudd/Tufts Engineering graduates going on to grad school. (Note that it is unusual to have to pay for an engineering masters degree).
If you only want to get one degree, then engineering LACs tend to be a good match for people with a broader set of interests who want to develop more of a “big picture” perspective, while engineering factories tend to be a good match for people with an intense interest in a particular technology and want to become a domain expert. These two different “personality types” tend to correspond to the two primary career tracks in high tech - management and consulting. Early career salary tends to be tied more to engineering skills while mid career salary tends to be tied more to the broader set of skills. Microsoft hires Olin grads for project management (which is not typically an entry level position)
Because of their small size and lack of research/Phd production, engineering LACs (like traditional LACs) tend to have more of a regional reputation. The thing to remember is that the vast majority of hiring in engineering is in fact regional
and for your particular discipline, the Boston area is more on the forefront of computer engineering than the Michigan area.
In terms of local standing, if you look at cross admit data 40% of the students admitted to Olin or Tufts and MIT choose Olin or Tufts. It is really about fitting your personality and learning style and not quality of education. Likewise between Olin/Michigan. Leading edge employers know Olin and think very highly of its graduates.
Good Luck
