One of the most noticeable differences between A and AB is that in AB, you go into algorithms and big O notation in much more depth, and you do some work with implementations of binary trees and such. When they cut out AB, they are leaving what is essentially an AP Introduction to Java.
It's sad that this passes off as computer science. I'm taking the test so I can hopefully skip the course and move on to fun stuff that has APCS as a prerequisite. Fun stuff like AI. AI, the class where Python and Ruby are the default languages, and you get to use other things if you want, like Lisp.
(I found this out when I still didn't know much about Lisp, saw someone using it, and laughed at the stupid, old language with all the parentheses. The guy tried to explain that Lisp is a good language, but I wasn't convinced. Later I independently stumbled on some of PG's essays, and I was convinced.)
http://www.livescience.com/health/070522_finger_sats.html
Although I myself did well on the SAT's, I too am hesitant to support the use of correlations like these in determining what students, or anyone deserves.
With regard to SATs and academic performance, the first google result:
"Findings indicated a very low correlation between SAT math scores and overall college math grades of six graduating classes at one university"
http://eric.ed.gov/ERICWebPortal/custom/portlets/recordDetai...
You may enjoy this anecdote, in which someone even more self-righteous about such things makes a fool of herself:
http://isteve.blogspot.com/2007/05/finger-length-and-sat-sco...
There is one study that shows there is a correlation between SAT score and college GPA, but only for students whose HS GPA is above a 4.0. In general though the test doesn't really have any validity.
Here is a link to the studies the College Board is promoting:
http://professionals.collegeboard.com/data-reports-research/...
They mention that a 100 point increase on the SAT corresponds to a 0.1 boost on college GPA. Assume a linear relation: this means that a 1500 SAT student might expect a 3.0 GPA, while a 1000 SAT student might expect a 2.5 GPA. That's actually a great predictor.
Then they mention other studies of SAT scores within a fixed college. This is deceptive. A typical college has students from a narrow SAT range (say 1200-1400). By the above numbers, one expects that SAT predicts only 0.1 GPA above/below the mean (within the college). However, it also predicts that if the school were to ignore SAT and admit a cohort with SAT's of 800, then those students would underperform by half a letter grade.
If you really wanted to figure out the value of the SAT you would have to use a much more robust measure of cognitive development than freshman GPA. However, it doesn't look like anyone is going to undertake such a massive project anytime soon. Incidentally, Alfie Kohn has some really good stuff to say about grades in both Punished By Rewards and also in What Does It Mean To Be Well Educated?
Also, I should have mentioned above that there are some meta-studies that find that degree of validity depends on the person's race, and that if you take the person's race into account the test can be useful. I have multiple objections to this though, both practical and theoretical.
Actually, it's more likely that political correctness creates a chasm between what people say and what they really think.