I'm currently thinking about my plans after graduation, and I'm faced with the decision between going into some sort of APM program versus a more traditional software engineer/architect role.

If I'm broadly interested in being a founder and/or early employee at a startup, which experience would be more valuable to me?

Maybe to put it in @pg terms: which leaves me more upwind? ("look at the options available now, and choose those that will give you the most promising range of options afterward.") http://www.paulgraham.com/hs.html