<p>As swoopes2 says, the biggest benefit of AP credit is registration priority. After the first semester, registration appointments are set based on the number of units you have. </p>
<p>Yes, the 32 units go toward the total you need to graduate (which for most majors is 128). He has only one waiving a requirement, however, so it probably will not mean he can graduate early - he will still have to get all of his GE requirements and Major requirements. Always look for GEs that double-count for major requirements - that will free up more space.</p>
<p>It is a good idea to get a USC catalog and set up a spread sheet with 8 semesters. Plug in GE and major classes until you have all of them and see how much (if any) space is left to make room for a minor or for graduating early.</p>