This is not a recent addition to the AP schedule. AP CS has existed at least as far back as the mid 1980s.
As for acceptance, according the College Board, "AP is accepted by more than 3,600 colleges and universities worldwide for college credit, advanced placement, or both on the basis of successful AP Exam grades. This includes over 90 percent of four-year institutions in the United States."
Even if a school doesn't offer credit, having the course on your schedule (or having an AP test score if taken Junior year or earlier) will like help your chances for admission. (Unless there's a low score on the exam.)
Something I expected to see in this thread is a discussion of the material covered by AP CS. I suspect that is at least part of the problem.
AP CS uses Java to teach algorithms, data structures, OOP concepts, and documentation. Is the use of Java part of the issue? I realize a course like this can never be cutting edge or using the latest and greatest, but with all the other resources available, how many high school kids are excited about learning Java?
My take is this: as a high school student if you want to learn calculus, your best bet is probably the AP Calc course (unless there is a near-by university with a decent math department). If you want to learn chemistry or physics, there isn't competition for what an AP course can do for you.
But if you want to learn programming and basic CS concepts, there are a myriad of options--variety not just of course but also of language. I've seen these discussions here, on where to start with teaching or learning programming. If memory serves, Java doesn't come out of such discussions as a clear choice for young students.