Most colleges look at GPA and class rank. Also, most high schools multiply earned AP gpa by a multiplier to reflect additional difficulty. For instance, a B in an AP class in my school was a 3.96 vs a 4.0 for an A in a standard class. In that case, the AP class is probably better. I'd like to think that more selective colleges take a more holistic approach to admissions, though I have no evidence of this, as I got a budget priced state school education. (and a darn good one at that!)