Final answer:
The preference for reduction or oxidation of species in an electrochemical cell can be attributed to both thermodynamics and kinetics. While standard reduction potentials guide us generally, kinetic factors like reaction speed can override these preferences leading to unexpected reactions based on kinetics rather than just on electrode potential.
Step-by-step explanation:
The reasoning behind the preferential reduction or oxidation of species in an electrochemical cell is indeed largely based on thermodynamics, specifically the standard reduction potential. However, it's absolutely correct that kinetics can also play a significant role, and cases can and do arise where the species with the more positive reduction potential is oxidized preferentially due to faster kinetics.
An example of this can be found in chlorine production, where ideally, water would be reduced to hydrogen at the cathode because it has a more positive standard electrode potential than sodium. Still, the kinetics of chlorine evolution are much faster, leading to preferential oxidation of chloride ions.