At my school the "honors program" was very liberal arts focused. But, with the grading I described above, the good students got straight A's, so the valedictorian was the person (or usually people) who managed to take the most AP classes. Only the easier, not calculus based, version of AP Physics was offered, so it wasn't that hard and a lot of the top students took it.

The councilor told me the average AP Physics test score was slightly above a 2. Calculus (AB - the differential/integral only version) test scores were in that range as well, despite most students getting As in both classes.