If you applied late in the process, you are at a
significant disadvantage.
Unless you have a very legitmate reason on why you applied so late, they will take the hint that you were not serious about them to begin with.
However, you can probably override this if you're an
exceptional candidate that merits an entrance over all those who are currently on the waitlist. Exceptional can mean many things - someone who has saved 20 kids in a village in a remote region in africa, or someone who has generic accounting experience. It is whatever the school needs to round out a diverse class body.
Of course, this is all my speculation.
Good Luck.
milias
Is anyone out there still waiting for an interview invite like me? Anyone???