Saying that anything above 4.0 is bullshit, is simply not totally correct. How is it fair that little Timmy takes 5 AP classes as a senior, and gets his ass worked off, gets B's in all his classes, and ends up with a 3.0, while Joe dumbfuck takes the "senior slide" and takes 4 PE classes and an "elective," gets all A's, and has a 4.0? It's not fair, simple as that.
Anyway, for nearly all of my college apps, they get weighted, and unweighted GPAs submitted, as well as looking at your actual courses. It's not like the GPA itself means all that much, but by having a 4.0+ it shows you are taking an honors/AP courseload somewhat at least.
I'm finishing with something like a 4.5 this year, took a full courseload of AP classes, and you can't tell me it's fair that I shouldn't be rewarded for 3+ hours of daily homework.... to say so would be stupid IMHO.
My school is on a 4 point scale as such:
Regular- 4
Honors- 5
AP/CLEP- 5
I think the honors would be more accurate maybe out of a 4.5, as they aren't nearly where AP classes are, and shouldn't really be on equal footing.