Fredrik deBoer has an excellent post on this topic. He approaches this from the pro-Affirmative Action perch. His salient points are:
This is a question that people… absolutely have to answer if they want to grapple with this issue in an honest way: are you comfortable with a university system with incredibly low percentages of black and Hispanic students? With percentages of black and Hispanic students that are far lower than their averages in the population? That’s what you’re actually advocating […]