The big difference is that Wharton takes you straight out of high school for its (undergrad) Business School. Harvard and Wharton both have great MBA programs for older students.
Cambridge is a very nice upper-middle class suburb of Boston – Penn is “downtown Philly”. I’d give them an equal score on location. If you are interested in finding more points regarding locations of these two campuses – check this detailed post on this very subject.
Wharton and Harvard schools have many areas of excellence besides business, and both have a very diversified student body.
Depends on your preference. Both have lovely old fashioned “Englishy Ivy” campuses. If you are lucky enough to get admitted (How to Get into an Ivy League School?) to both, it’s a coin toss!
As to snobbery or the lack of it, you will probably have a dozen friends at most. You will like them and they will like you. The general attitudes I find are the same. If some of your fellow students are snobs, racists, prejudiced or whatever, it won’t really make any difference to you.
Most noteworthy are the professors! They are top notch at both schools. For a warmer climate and an equally good school, go for Stanford in “Silicon Valley” California.