I didn't interpret Bard's entrance exam as a tool to equalize the SES or any other factors. Instead, I took it as a "Forget You" to the College Board:

Quote
Dr. Botstein acknowledged that the workload might be impractical for some applicants. But he finds a virtue in it, too. “The great thing is, anyone who completes it is better for it. No one,” he said, “is better for having taken the College Board.”

http://www.nytimes.com/2013/09/29/n...-design-microbe-transplant-research.html

I also see it as a clever PR/marking/branding strategy. Whatever Bard's true motivation may be, I still like those essay questions.
I should disclose that I am in love with the new Fisher Center , so as a fangirl, I am most likely quite biased here.