I have my GMAT date scheduled on August 31st and am planning to apply for Fall'11. I might be cutting it tight for Round 1 applications as most of the deadlines are in October. I am just curious of admission chances for Round 1 vs Round 2. My friends told me that Round 1 always has greater weightage than Round 2. Is it true? If yes/no, can you please let me know of any advantages/disadvantages of Round 1 vs Round 2? Any help would be greatly appreciated.
Short answer is Linda's Rule: "Apply in the earliest round possible PROVIDED you don't compromise the quality of your application."
For the longer version, please see "MBA Admission: The Great Round 1/Round 2 Fight