I just returned from a trip to the rockies. I spent time in Canmore and Banff, and I must say that I much preferred Canmore. The town is so cozy, relaxed, cute, and scenic. It also had really great hikes and trails nearby. Great restaurants and overall vibe too.
On the other hand, Banff's town felt like an amusement park. It was tremendously busy such that it was difficult to walk about - and is isn't even high season yet. There is great hiking nearby/from town, but they can all be easily reached from Canmore with a 20 drive.
All in all, I am fairly well traveled, and Canmore was one of my favourite destinations in the world. Its a magical place and I would highly recommend staying there for a trip to the Canadian rockies. Thanks for the hospitality, Canmore.