President Bush has revealed that his opposition to what's commonly called affirmative action (but not what he calls affirmative action, which is simply seeking out more candidates from unrepresented groups) is firmly consistent. One fallacious argument against removing affirmative action is that people are given a boost in admissions processes if they have family members who attended the institution. (It's fallacious because the existence of one practice you don't agree with doesn't necessarily mean another one is ok. If they're both wrong for the same reasons, then the existence of legacy admissions doesn't mean we should retain affirmative action. It might simply mean getting rid of both.)
Now I think it's in a university's best interests to consider this sort of factor, as much as it is to consider someone's soccer or French horn abilities. I think some occasions of considering race are a good idea. But Bush's view on these matters is merit only, and that requires getting rid of legacies. It's nice to see that he's saying that publicly. Anyone who takes his stance on race preferences should, to be fair, give reasons why legacy preferences are ok if they aren't also going to oppose both. He's taken the more straightforward approach in opposing both. Of course, this won't be publicized much. So far the only place I've seen it is at Jon Mandle's post at Crooked Timber three days after the CNN story and two days ago.