Part of the issue is that
A. A higher percentage of high school graduates are attending college and
B. We have reached another bulge in the population that is of college age
Record numbers of students are applying to colleges.
My daughter had a 4.4/4.0 and was in the top 7% of her highly competitive high school. She took honors math, science, french and english all four years. She had 4 AP courses. She was in band, orchestra, dance troupe, and the swim team. She got a 33 on her ACT and a 1310 on the SAT.
Her high school counselor told her that the University of Illinois was a "reach school" for her.

She was accepted, but the fact that her counselor had to hedge illustrates how much the college admissions landscape is changing and it isn't getting less competitive. In fact, the school that the counselor was certain would admit my daughter was the one school to which she wasn't accepted, but was waitlisted.
Your daughter will have no problem being admitted to college. My 16 year old son isn't on the honors track although I will encourage him to take at least one AP class next year. I'm not worried about him getting into college, although I know he won't have the choices, or the scholarship offers, that his sister did. Oh well, in the end, he'll be fine.
The princeton review has a good site where you can enter the students' statistics and interests and it suggests safety, good match and reach schools to consider. Here's the link:
http://www.princetonreview.com/college/research/advsearch/match.asp