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So true. I'm really dreading having to break the news to my recommenders that only did I not get in but I also need more letters.
I hear ya there (well, I'm not applying to any other programs)... but...
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The other moment I am REALLY dreading is running into someone at my company who DID get in. I know the conversation will turn to whether I applied and oh it will be awful and embarassing

Really? There are *far* too many qualified candidates for everyone to get in. Lets say I have a double bachelors with a 3.9 GPA from Princeton in chemical engineering and finance, a 790 GMAT, and started and led a charitable organization for the homeless in my free time while getting 3 years experience at McKinsey. I still wouldn't be a lock at *any* of the top 10's. (btw, that is most definitely not my profile).
There's some element of luck. Do everything you can as best you can, but at the end of the day realize that the people acting as gatekeepers have more qualified people than they have seats, and so they need to mix their class between 'academic quality' (ie: I see no schools bragging about their average GPA/GMAT going DOWN from last year) and 'diversity' (which doesn't just mean race). Not getting in isn't because you didn't measure up. /shrug