I think I am going to stay on the waitlist. I was waitlisted @ Wharton too, so that is my top choice. Not sure yet about a strategy.
What were your plans?
Well I notified the "Waiting List Administrator" about two minutes after the status update saying I'd love a position on the WL. The GMAT really doesn't affect me. I know my 680 isn't anything to sneeze at, but I don't think a score of 700-720 would drastically improve my chances. A 680 is right in line with where I need to be.
I already talked to a supervisor and he agreed to write me the additional recommendation. He also said he'd get it in by Friday, and I told him he's nuts, we've got a bit of time. I'll have him submit it within a week though.
I'm also going to write the additional essay, though I'm not sure where to start. I have some professional accomplishments since November I can write about. I have some personal stuff. I can delve further into why Georgetown is my first choice. But since they didn't give us an indication on length I'm a bit scared to get overly wordy or lengthy in my response!
I do know that Georgetown last year admitted almost a third of all waitlisted candidates, so we've got a good shot.