I assume you mean either 3550, 3560 or 3750 series switches?
EMI has support for routing protocols OSPF, EIGRP, ISIS & BGP - whereas the SMI only supports RIP & Static routes. The EMI image also supports Multicast routing, the SMI only support IGMP snooping so requires an external router to forward multicast.
Other than that they are the same. I think there is a page on CCO detailing this but I can't find it.....
I think the image you require depends on where the switch is to be positioned in the network. I have deployed 3550's as purely access layer switches and so all the routing functionality was handled in the Distribution & Core layers. I have also deployed 3750 & 3550 switches as routers running the EMI (IP Services) image.
If money is not an issue I would go for the EMI image so the features are available if needed either from day-1 or later on.
HTH
Andy