book learning and life skills are two VERY different things. Graduating early just shows that you maybe took a few extra classes during the semester than others may have. You need to think about what those other students are doing outside of class. You may be earning class credits at a faster rate than another student, but that other person might be working full time and supporting themselves or a family. The other person is gaining life experience and skills that you don't get until you go through it. IMO, an applicant who graduated in 3 yrs. but clearly has no life experience other than studying, going to class, and basically living the life of a glorified high schooler is not going to be as impressive as a student who may have taken 5 yrs to graduate, supported themselves throughout, and comes to the table with a set of life skills and can obviously hold their own in the "real world".
It's like the story of the Tortoise and the Hare...Slow and steady wins the race.