Schools are comparable, but I prefer Fallston. I am currently looking to move to one of these areas and I prefer Fallston for the location. It is rural, but easy access to Bel Air or Perry Hall. I also like the rec programs like lacrosse. Fallston is a little "snootier" than Bel Air.
Baldwin is another option right next door to Fallston, but most neighborhoods fall in Fallston district. Check www.hcps.org/school locator to find out.
Downside of Fallston is high cost to buy and the houses are not very updated. You are paying for the area. Bel Air has a lot more option price wise, but it is very congested with traffic except those few rural areas tina mentioned and BRAC is about to invade and make it worse.
If you want closeness to stores, Bel Air is better. If you want smaller community, rural feel, go Fallston.