I think they get about 4700 for both rounds, I recall an interview that said that for every seat there were 12 applicants, so if the class is 394 people, it comes to be around that. I do think I have also heard that R1 has way less applicants than R2, so there may be some strategic advantage to applying on R1 merely on the fact that they dont know how the applicant pool looks like yet, so they may wait list you or favor you if you have an unusual background. In R2, they pretty much know everything by then.
Sigh... Keeping my fingers crossed, if I dont get admitted this year, I will just quit the whole graduate school thing and start my own business. Everyone keeps telling me to forget about b-school, but I keep telling them to mind their own f-in business. I do feel that they may be right sometimes and I am wrong to keep pursuing this, so this may even be a good theme for an essay on how I learned from my mistakes for the next application cycle.... yikes!