Yea I'm sure the application change also has a lot to do with the increase. 1 recommendation and 1 essay is a lot less intimidating and a lot easier to sneak in last minute.
I'm no expert but here's what I'd predict:
-yield will drop slightly (it's easier to tack on as a safety now)
-the 1 essay won't allow personality to be a huge factor in the decision process (this is super unfortunate as the culture and legacy/network of its grads aren't where I think they belong) [I was interviewed at the 3 M7 schools I applied to and not at Anderson - really feel like my story had no place in their short application as it was probably what earned me an interview everywhere else]
+ rankings will be bumped up for selectivity - those GMAT's and GPA's will inevitably be going up with more applicants
+ application volume will be a huge headline for them to flaunt moving into next year's recruitment season
I'm still a fan of Anderson but my interactions as an applicant have brought my liking of them to diminish.
-Perhaps I'm just a disgruntled applicant but I felt the least appreciated here (emails sent to admissions weren't responded to, student interactions were terse, people i was passed along to contact never replied, class visit was dull). Alumni didn't seem interested in figuring out my fit but instead were set on sharing their accomplishments. Sadly I thought this would be a friendlier and more familial experience but in reaching out, the LA girl in me just about crossed this school off her list.
Try visiting Marshall in close proximity to UCLA and see how different the two are. It's uncanny how much more welcoming, friendlier and close knit SC is. Again i'm very torn and much of it has to do with rankings (which I should get over) but UCLA has been disappointing as an applicant. Perhaps if I'm accepted they'll welcome me in a totally different way.

But being totally transparent - these are experiences that will leave scars regardless of the traction I may or may not make this month. As schools BEYOND my league have accepted me - I still felt more welcome as a reach applicant there than I have as someone who has gone out of their way to show love for Anderson.