If there are preferences, they're nonobvious, and it's not clear how you would go about discovering them. (I haven't found anything more than students' speculation by Googling around.)
Here's one: http://www.nytimes.com/2010/07/19/opinion/19douthat.html
And some of the hits in http://scholar.google.com/scholar?q=college+admissions+odds+extracurricular look promising. ('odds' is there to help weight towards quantitative studies which would be using odds ratios as their effect size, since you're either admitted to a particular college or not, and a binary effect size like odds ratio is what most statistical approaches would use.)
Very interesting, thanks.
[Edit: The post below gives the impression that our conversations with admissions officers are our only reasons for believing the claims. We've also consulted with other sources such as How to Be a High School Superstar: A Revolutionary Plan to Get into College by Standing Out (Without Burning Out) which corroborate the admissions officers' remarks]
We spoke with admissions officers at Harvard, Yale, University of Chicago, Columbia, Stanford, MIT, Duke, University of Pennsylvania, Dartmouth, Williams, Johns Hopkins, Swarthmore, Brown, Northwestern and Caltech, about how they evaluate student participation in extracurricular activities, for 15 colleges total. Some things that we found based on college's statements are below.
Kawoomba suggests that colleges' statements on the first point below can't be taken at face value. What do you think?
Cross-posted from the Cognito Mentoring blog
See also High school extracurricular activities: factors to consider and College statements about extracurricular activities