In Michigan, we basically have the same system. This year, I took AP Government, AP English, AP History, and AP Calculus. If I managed to pass all of the tests with a score 4 or better, as I expect to, I will be able to start college as a sophmore. These programs have saved me a good ten thousand dollars.
I see where the arguement of becomming an "elitist" could come into play, but is that really isn't a bad thing? It encourages competition among the more intelligent students, and fosters a better learning enviroment. The one arguement that I've heard, and I think is partially true, is that it encourages the lower end students to have a lower self-esteem and generally not to put forth as much effort.
All in all, I like it.
Andrew.
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