Regular versus AP version. It all depends on the student. If he wants to take the course with more depth, let him. He will still have homework in the regular course and it may go so slowly it becomes boring. His academic peers are likely found in the AP version, taking them away from the regular course. I still recall being in the regular social studies class one semester in HS due to scheduling conflicts- so boring to be with the regular kids.
Taking the more rigorous courses can give a student a better knowledge base and study/time management skills to prepare for whatever college is attended. As for admissions- those who are willing to successfully stretch themselves deserve the place more than those who do minimums.
Remember that AP courses are not the same as those at the level of college (or Honors program for flagships et al) those HS students will attend. They are meant to give good students more than the average student can handle, with the advantage of preparing for AP exams to get credits at some colleges.