One of my theories was that professors expected rushed papers to have poor or missing formatting, but my rushed papers wouldn't. The formatting was therefore sending a signal to the professor saying "He didn't write this in the morning, so give him the benefit of the doubt." I never considered that the typeface that I was using could have been involved.
Other students had very clear handwriting, while others had very crisp and confident handwriting. I'm sure there are numerous subtle cues in handwriting that give it the air of professionalism or confidence.
Handwriting differences could easily account for a few points on an exam, which might translate into a few crucial percentage points.
Soon we'll just have to force everyone to type their answers in a standard format and then the graders can view the results in the editor of their choice.
Does handwriting say anything more about a person than that they spent a thousand hours or so in their early schooling repeating symbols on paper?
I'm not sure why people like the Computer Modern typeface so much. I think it looks terrible. :\
Also, with XeTex/XeLaTeX, you can use opentype typefaces and it still typesets them far better than a word processor.
Clearly that's subjective, and you might hate it no matter the output device. :)