Great post Pharoah!
In any case, on legacies. I can't stand them, I hate them. Maybe it's because I'm the product of a factory worker and a hairdresser (neither of which even sniffed a college campus), but when I saw the "Have any relatives attended Umich.." when I applied for undergrad, I was pissed. At the same time, I think fully private (*no* gov money at all) institutions should be able to. It's their school, let them do what they want.
I think that socioeconomic AA would be best as well, too. Not only b/c it would allow some poor non-URMs in, but also because it would increase URM representation just as a result of certain economic realities. URMs are more likely to have less $$ in America, consequently they'd be more likely to benefit from these programs.
But when seriously considered, people say that it's "just pushing class warfare"