Thats a given, I've seen firms advertise for thirds and up. A first is always going to be preferable however and key to securing the best graduate positions.
Aside from exemplary grades, I've worked this summer for a top 500 super brands company in a relevant position, last summer I worked for a local marketing department. It's all experience most graduates do not have.
I have been writing an extensively researched paper on product positioning and neurology for the past 4 months, at a level well above what is expected of masters students and even some PhD candidates, which has received high praise from PhD level professors.
I have a portfolio of freelance work I have done, pro bono, nothing significant but it's work nonetheless.
I play 5 musical instruments at graded levels (2 at grade 8, others varying levels). Something which employers seem to love.
Tell me then, smarty pants, how does that not set me apart from your average "Kevin from hull with a 2:1"