Does being an Emory undergraduate give me an advantage over other applicants to Emory Medical School? Also, if I decide not to go to medical school, does the degree received at Emory give you an edge with prospective employers?
I don't have any solid evidence, but my own experience is that Emory Medical School does not give any special preference to Emory College undergrads - they are considered equally with undergrads from comparable colleges.
As for an "edge" with prospective employers - it is all relative. Emory is a very good college (in my opinion at least), but there are many colleges better and many more that are worse. You would have an edge over those from worse colleges and people from better colleges would have an edge over you.
A lot would also depend on what field you are going into - one college may be excellent in biology, but terrible in art history.