I'd love to chime in on the affirmative action argument (position: against), but that's a whole 'nother thread, so I'll hold my tongue.
As always, this type of issue gets muddied down by "definition of terms" (look at the way different people are defining "equality" on this thread) and "extremes."
Rather than choose one extreme or the other, I'd say we're voting on which way to err. And I say Freedom all the way.
Any sort of enforced equality (by government or other means) has always gone poorly. It's still going poorly in America.
As far as equal rights, didn't that get set up with, I dunno, the founding documents of our entire nation? Off the top of my head:
"We hold these truths to be self-evident, that all men (meaning: people, human beings) are created equal, and are endowed by their creator (as opposed to "granted by the State") with certain inalienable rights; that among these are Life, Liberty, and the Pursuit of Happiness." (I hear one of the Founding Fathers wanted to put "property" in there, but it got relegated to the Fourth Amendment instead.)
Any right to be handed things you haven't earned? No. A right to be protected from the ups and downs of life? No. A right to have the same swag as your neighbor? No.
Freedom necessarily leads to inequality, based on effort. And that's a good thing, one that society should encourage.