We should all understand the ramifications of this type of change. It affects everyone that have been accepted and those that are already students at Emory. To lessen or reduce requirements is seldom a problem. To make them more restrictive is often a problem. If a student decides to attend a school based on particular criteria, the backlash if those requirements (AP Credit) are changed are enormous. Obviously, a school can change graduation requirements effective on a certain date in the future as long as plenty of notice is given and an applicant is informed of those changes before they commit to attend. There is no guarantee that Emory won't change the AP policy for NEW students, effective in 09. But if a student, like my D, attends Emory based on the current policy and plans to complete her degree in 3 years (with 32 credits worth of AP courses) then any change affecting her would be unrealistic.
Anyway, dgebll, the bottom line is the information I've now received from 2 admissions counselors is that 4's and 5's are still counted, even for those that defer admission like my D. Very few top tier schools (IVY's, top 10 LAC's) allow the amount AP credit that Emory allows. And I do believe that in time, as the selectivity of Emory increases even more, they may reduce the AP credit given for graduation and only allow flexibility for course placement. Most students attend top schools with a significant number of AP scores in the 4 & 5 range.
I think we're wearing out this thread

Let's not let rumor, hearsay, or inactive plans cloud the facts. Until we read it on the website that the AP policy has officially changed we're just upsetting everyone for no reason.