Depending upon your age, I still might go with VTSMX.
The Vanguard Target Date funds seem to give you instant diversification if you have only a low amount of capital to deploy, but even if this is the case, if you are really young, you can be daring (it is actually not reckless, just aggressive in proper way) by just going 100% stocks (VTSMX) until you have more capital to deploy in a more fully diversified overall portfolio.
Also, I am not sure what tax consequences of changing strategic asset allocation of target date fund is when you get to certain target date points, but my guess is you want to keep this type of one stop shopping mutual fund in a tax deferred or tax already paid account.
VTSMX has a lower expense ratio (and you are automatically converted to even lower cost Admiral Shares when your investment reaches a certain amount) but most importantly typically over 99% stocks (the target date fund has about 10% bonds and cash, which will be a drag over very extended periods of time).
http://portfolios.morningstar.com/fund/summary?t=VFFVX®ion=USA&culture=en-US
Target Date fund does give you more instant diversification, including a slug of international stocks, but that might just get you better
risk adjusted returns, not best absolute long term compound wealth. Also not sure if expense ratio is weighted average of actual expense ratios of underlying funds, or is a second expense ratio overlayed ontop of expense ratios of underlying index funds themselves (e. g. real expense ratio is 0.4% or greater?)
Other problem with target date funds is that sometimes they tweak strategic asset allocation to make them look better performance wise than competitors.
VTSMX is particularly advantageous in taxable accounts because of high tax efficiency (plus no mandatory withdrawals at certain age, so you can keep letting it compound as growth component of portfolio in early years). Over time, and as you get closer to say age 50, you can adjust strategic asset allocation yourself to meet your targed retirement date and tolerance for greater or lesser volatility of a particular investment vs broad market.
Simple but effective strategy for young investor targeting retirement: just dollar cost average into VTSMX. Educate yourself about the basics of personal finance and mutual fund investing and you can later add investments to complement a core investment in VTMSX.