Yeah, College of William and Mary does provide scholarships based on merit. Here are some of them:

William & Mary Scholars
Total Worth: amount of in-state tuition and fees
Eligibility: amount of in-state tuition and fees
Separate application needed: No

Monroe Scholars
Total Worth: a $3000 research stipend, special housing option during freshman year
Eligibility: a $3000 research stipend, special housing option during freshman year
Separate application needed: No

1693 Scholars
Total Worth: including full tuition, general fees and room and board annually for Virginia residents and the equivalent amount annually for non-Virginia residents.
Eligibility: including full tuition, general fees and room and board annually for Virginia residents and the equivalent amount annually for non-Virginia residents.
Minimum Criteria: score a 1500 and higher on the SAT (Critical Reading plus Math)
Separate application needed: No

College of William and Mary provides aids at an average of 21252 per student meeting 78% of students need. 96% of students with need receive financial aid at an average of 16025 need-based grant. They also provide other scholarships including Army ROTC Scholarship and Hulon Willis Scholarship.