Another argument for the importance of race-sensitive admissions is that it protects non-white students. In other words, it ensure that a school is looking at all candidates irrespective of the color of their skin. As you know, America does not have a great track record in the past of race relations.
An argument against race-sensitive admissions is that it hurts some races from being admitted. For example, Asians get hurt the most. If Asian were thrown into the general pool 50% of elite schools would be Asians, but as it stands there is a quota. The University of California is one of the few schools that is based on merit alone and they have nearly 50% Asians - UCLA and Berkeley.