Full disclosure, I own a Stern SM. For a baseline I will also compare the 2 SM's to FH, a near perfect game.
Artwork: Stern cabinets are nice but both playfields and plastics are a cut and paste mess, different styles of art mixed together into a package that just doesn't work. Pretty much this plagues any Stern game with a few exceptions (FG, etc.). Looking at FH you find the translight, plastics, playfield and cabinet that all look like they belong together. Both Sterns fail here.
Rule-set: All 3 games are really good.
Display: SM is a unholy mess, SMVE is much better, FH is really nice for a alphanumeric. Problem is that when you are playing you rarely look at the display so even though SMVE wins, it is a pretty minor win.
Sounds: This is the absolute death knell for SMVE, while you don't often look at displays while playing the game you do hear the game call-outs all the time. The call-outs on SMVE are just amateurish and terrible. Stern should be profoundly embarrassed as a company to put that garbage out in a finished product. The J. Jonah Jameson call-outs and others in SM are a big part of the game and are totally lacking in SMVE. Of course FH nails speech and music, you occasionally want to break the glass and choke Rudy because he gets under your skin, that shows they got it right.
Fun factor: All 3 are top tier games.
Other: Watch the attract mode of all three games, you will see that they actual gave a shit with FH. The Sterns are mailed in (Let's just randomly blink lights!).
So to summarize, in my opinion: It looks like Pat Lawlor was on a mission to make a perfect game and scored a 9.8 out of 10. For Steve Ritchie he did what he could but looks like he had no input on the display or art. For SMVE it looks like Stern corporate wanted to cash in and make a game as cheap as possible to maximize profits. So SM >>> SMVE in my opinion.