There was a thread on this a while back:
Colgate AP Test Credit
For the most part it's really not even something you have to think about until you choose a concentration (major) second semester, second year. A possible exception could be language. Even putting the AP aside, if you've taken let's say two years of a language but feel uncomfortable in it, it might be difficult to sign up for an intro. And if you've taken more they probably they might discourage a lower level class.