Hi knd7,
YOu must have read one of my posts on the forum. First a disclaimer: I went to UIUC as an undergrad which I feel is stronger then Columbia (and therefore probably UPenn), and due to class experience not just rankings. I'm now a CVN student at Columbia so I don't know what it's like to be a "real" grad student, what the true atmosphere is like there. I've only taken two classes so far, Intro to Security (taught by a excellent prof Bellovin snatched from Bell Labs, formally a prof at Penn), and AI. I also don't have plans to go into business, but being in NYC I know a lot of business students. I'll probably be taking intro networks next semester, which I never took as an undergrad.
From the Business perspective, we all know Penn is great but so is columbia, albiet less so. There is a big advantage to going to business grad school in NYC, so many jobs and companies and networking goes on here. I'd say it's a negative they won't let you take business schools while doing your MS in CS here at columbia, but if they did at Wharton would those transfer over to an MBA or not? If not you'll still have to take the same number of classes. Business perspective I'd lean towards Penn but only cause it sounds like you'd really enjoy the wharton classes.
From the computer science perspective - it's a no brainer, unless you don't like NYC or can't afford it. Choose columbia -it's stronger overall and stronger in your program. It is very strong in the east coast, and especially the NYC area. However silicon valley (worked out there the last three years) isn't going to be nearly as impressed as if you went to a top 5 or 10 program, so they won't care for UPenn vs Columbia. Both are seen as amazing general schools with ok engineering. But it sounds like you don't want to stick to tech... if that's the case why don't you apply for an MBA now?
To be blunt - what do you want to do? If you want to continue into business school and work for a large company, I'd say first the business schools are going to look at your application. Either way they'll see an Ivy League not top CS school and it'll look the same to them, so they'll focus on grades and other things. Same thing with companies. So if this is the case go where you'll be happier (the money, city, quality of life, opportunity to take business classes will all be a factor)
But continuing down the road on the CS track, your cs collegues will know that Columbia is good for networks and it is a significant reason to take it over Penn. I'd say take it for sure focusing on CS even if you'd like going to Penn more.
Well, that's my two cents. Either way you can't go wrong. Good luck and let me know what you pick.