CLEP vs AP Exams

An unheralded College Board product are the CLEPs.
(College Level Examination Program)

Questions for colleges:
Do they accept AP credit?
Do students get the credits or does it just place them into a higher-level course? The CLEP is accepted as college credit at many institutions and has not been publicized -- it is an inexpensive way to earn college credits.
http://www.collegeboard.com/student/testing/clep/about.html

There are four Math CLEPs -- College Algebra, College Mathematics, Precalculus and Calculus. Each study guide is $10 and is downloadable directly from the College Board's web site.
http://store.collegeboard.com/catalog.do?category=298&categoryName=CLEP%AE&secondCategory=305&secondCatName=Science%20%26%20Mathematics