I think that AA will and should stick around for the long run if it's revamped to focus on socioeconomic background and personal hardships, since there will always be folks who are truly disadvantaged. As it stands though, it looks like the system is broken/flawed, in that it doesn't factor in socioeconomic background to a significant degree (at least not for undergrad). The linked NY Times article details this problem. It's a long read for those who are interested, but the main gist of the article can be found in this excerpt:
http://www.nytimes.com/2007/09/30/magazine/30affirmative-t.html?_r=1&pagewanted=1&oref=slogin
"The more expansive idea of affirmative action as a counterweight to those unseen forces has become tightly linked to the self-image of American universities. Above all else, they are supposed to be meritocracies. To be truly meritocratic, a college must be diverse or else accept that some groups in society have less merit than others and their underrepresentation cant be helped. University administrators clearly reject this second view, and as a result the best colleges are now filled with students of both sexes and every imaginable race and religion. If you were to ask admissions officers whether they also gave special consideration to low-income applicants whether they gave them credit for overcoming Johnsons unseen forces the officers would say that, absolutely, they did.
In truth, however, they did not. Three years ago, William Bowen (the former president of Princeton) and two other researchers discovered what was really going on. They persuaded 19 elite colleges including
Harvard, Middlebury and Virginia to let them analyze their admissions records. The easiest way to understand the results is to imagine a group of students who each have the same SAT scores. Holding that equal, a recruited athlete was 30 percentage points more likely to be admitted than a nonathlete. A black, Latino or Native American student was 28 percentage points more likely to be admitted than a white or Asian student. A legacy received a 20-percentage-point boost over someone whose parents hadnt attended that college. And low-income students? They received no advantage whatsoever. A poor white kid from upstate New York would be treated no differently from a white kid in Chappaqua. Frances Harris would get no more of a leg up than the black daughter of corporate lawyers.
Bowen says he doesnt believe that admissions deans were lying when they said that their affirmative-action programs took social class into account. The colleges apparently put even more stock in the polish that comes with affluence the well-edited essay, the summer trip to Guatemala, the Arabic language lessons. In any case, the poor lose.
There are some big problems with this approach to affirmative action. For one thing, it rests on a very rickety base of political support. Colleges often resort to huge preferences to create a racially diverse student body, especially if they havent been giving any advantage to low-income applicants, who are of course disproportionately minorities. And many of the beneficiaries of the preferences end up being upper-middle-class minority students, since they tend to have better test scores than poor minorities. The helping hand that goes to these relatively well-off nonwhite students strikes many people as unjust. It makes it seem as if affirmative action isnt making good on its larger promise. Affirmative action becomes about mere diversity and not even all forms of diversity rather than fairness. Politically, that has made it weaker and weaker."