Instead of giving less weight to AP exams, I'd like to see scores reported on a finer scale. A score of 5 corresponds to a wide raw score range. The 12 students who got perfect scores on the AP Calculus exam (see the article Lincoln High School student gets perfect score on AP Calculus exam -- 1 of 12 in the world to do so) deserve a bit more credit than the the other students who scored 5's. Some will say "don't report raw scores -- it will just increase the pressure to be perfect". My answer is that other things being equal, schools should prefer the best students, and I'd rather have students competing based on academics.