I've been spending time on both graduate admissions and undergraduate admissions.
For graduate admissions, we've moved to an all-electronic system; the applications are all online. The system is actually a complete pain to use. Does that surprise anyone? (Some of us get our admins to download everything for us, so we don't have to use log in and navigate the system when we need to look at an application, or spend an hour or more ourselves downloading files in a system that wasn't set up to download selected files in a straightforward way.) While I'm absolutely, positively, completely sure that no candidate's confidential information has ever, ever been compromised, or ever will (I believe I've now covered myself and Harvard legally), it seems like a privacy-risk nightmare with all the applications secured by a password that has to get distributed to all the faculty. Still, with all that, it seems slightly better than the paper folder system we had before, where it seemed impossible to track which professor had which folder, never mind actually arranging for folders to be transferred among multiple faculty in a timely manner.
For undergraduate admissions, I'm asked to look at folders -- usually, I'm being used to check that Johnny or Jane's science fair project actually has some interesting science in it, or similarly vouch for math/science talent, but they seem to appreciate if I make other comments as well. It's all paper. An actual person drops folders (a few a week) off to my admin; I type up comments and my admin prints them out, puts them into the folder, and calls to get the folders picked up. Apparently, it's unusual that I type my comments; the admissions officers write their comments by hand. (Often, I can't read them, and my handwriting is worse than theirs.) I've never lost a folder, but I do hope they have back-ups in the home office just in case. (It looks to me like I'm getting the originals; I've never asked. I just assume they can't give the folder out to faculty without keeping a copy of everything.)
Both systems seem flawed, but both also seem designed to fit the way the decision-process is made. I actually like the paper system, even though it clearly requires a lot of people-hours doing background tasks like getting folders from here to there. It definitely reduces the time and effort I have to put in to review the applications -- which ostensibly should be the goal of the system, since faculty time is (ostensibly) valuable.