A prep is typically a well-educated, good-looking person who comes from a solid, well-established, "old-money" family. Preps lean towards conservatism, and generally are well-dressed and buttoned-down in public. A prep is inclined to wear clothes from Brooks, Lacoste, J. Crew, and Lily Pulitzer - NOT Abercrombie or American Eagle, as some non-preps believe. A prep is usually an all around good guy (or girl) and would be unlikely to brag about their status or wealth. Preps shouldn't be characterized as spoiled underachievers - if they were, where would top-tier schools like Princeton get their preppy reputations? Colleges and universites are becoming more democratic each year; an unqualified student wouldn't gain admittance on family wealth alone. People who bash preps have probably only had contact with the A & F, A & E kind of wannabe-prep - and in many cases I would agree with their comments. But a true prep is far more understated; they would drive a Volkswagen GTI over a Cadillac, vacation on the Vineyard or on Bermuda rather than on St. Bart's, favor subtlety over ostentation. The people on this site who don't like preps are either jealous or haven't actually met a real one.
Muffy and Bif spent much of the summer drinking G & T's and playing tennis at the preppy club in Old Lyme.