do people actually get in after being waitlisted? or are they canned like spam. do the schools hire the "best" candidates through all the rounds and then goto the waitlist for the "ok" candidates? or is pretty much a waitlist means rejected and move on in life?
Waitlisted speaking here... Yes, it warms my heart to say that people actually do get an admit after being waitlisted. There is no reliable statistics though.
I personally know at least two people from GSB who were admitted from WL. Also, AdCom letter stated that the last year 40% of those waitlisted were admitted. I do not think they just pick the best of the best (these are already there). I think they look into the pool of waitlisted candidates to increase class diversity.