I prefer to have SM load later (making it dominant). Why?, because I feel that it's spell stats are more balanced. (I'm running FCOM, by the way.) In general, SM's spell durations are lower and the magicka costs are higher. I also prefer the vanilla names for spells, which SM retains and LAME does not.
Magic Overhaul Comparison: http://www.gamesas.com/index.php?/topic/814477-magic-overhaul-comparison/page__st__140__p__17040756__hl__magic+overhaul+comparison__fromsearch__1#entry17040756
Happy gaming!
--Tomlong75210