When hiring a new grad, the two things that are important to me are:
1) do you have a fire under your butt and a thirst for knowledge, because I know I'll have to train you how to do real engineering. I need to see that you have the ability and desire to learn.
2) Do I like you and will you get along with everyone...are you humble, or a know it all? All hires are judged on this, but especially new grads. If I feel like everything is going to turn into a long, drawn out argument, it'll never happen because I know I'll be spending a lot of time mentoring you and I intend to do that with someone who's pleasant to be around.
Things that will catch my eye on a resume is anything that required you figuring something out on your own and applying it. On an interview, I want to hear about how you think and how you find answers to problems. I want to see that you know enough to look things up and ask. When I ask a question you don't know the answer to, I want to see that you give me an honest "I don't know", or "Maybe...can you explain a little more?", and then I may well take a few minutes to teach you the concept and see if you can somehow apply it. Never anything difficult. If I ask you about something and you answer "Oh sure, I know all about that", you can be sure I will probe a little to see if you're lying to me. Lie and the interview's over. Be honest and you're giving me a chance to introduce you to some new stuff, and giving yourself a chance to really impress me and shine by showing how we'll interact with each other in the future and how you can pick up new concepts.
It's really not so difficult. If someone is looking for a new grad, we know what we're getting...bright young potential engineer, head full of mush, lots of training required. We're making a commitment to finish your education, and taking a chance that you'll work out. Don't take offense...we all started the same way, and it's important to understand how many employers view this so you can present yourself favorably. All you need to do is convince me that you're intelligent, you can learn and that you want to learn, and just overall be pleasant and someone that I won't mind spending time with.
GPAs, class rank, president of the glee club, etc are as unimportant to me as your middle initial or your phone number!
edit:
Incidentally, I mentioned the likability a lot, but you would be surprised how many interviews are effectively over nearly the instant they start.