The reactivity of the enolate ion is most frequent explained with reference to its system of $\pi$ molecular orbitals. The image below taken from Wikimedia Commons depicts this system of $\pi$ molecular orbitals. $\ce {C}$-alkylation is favoured when the orbital interaction with the $\ce {HOMO}$ of the $\pi$ system is dominant while $\ce {O}$-alkylation is favoured when the electrostatic interaction with the negative charge built up on the oxygen atom is dominant. This is the case because the coefficient of the $\ce {HOMO}$ is the largest on the terminal carbon atom while being more electronegative, oxygen naturally bears greater negative charge.
The explanation provided by Fleming (2010) on p. 160 is that in the lowest-lying $\pi$ molecular orbital, the oxygen atom exerts the strongest polarising effect on the electron distribution while for the second highest $\pi$ molecular orbital, the polarisation is in the opposite direction. I understand that these MO diagrams are grounded in quantum chemistry theory but is there any way that we could intuitively understand why the coefficient of the $\ce {HOMO}$ is indeed the largest on the terminal carbon?
Update
After discussion with some friends, I have more thoughts I would like to share. There is this connection between resonance structures and MO diagrams. For example, the MO diagrams of the allyl cation and allyl anion feature a node in the second MO, informing us that there is no sharing of the charge with the central carbon atom. This information is also reflected when we draw the two resonance structures. Can we perhaps, extend this connection a little further and say that the first MO for this enolate $\pi$ system reflects the charge distribution in the resonance structure with negative charge localised on the oxygen atom while the second MO reflects the charge distribution in the resonance structure with the negative charge localised on the carbon atom?
Reference
Fleming, I. Molecular Orbitals and Organic Chemical Reactions (Reference ed.). United Kingdom : Wiley, 2010.